Synovus Financial Corp. $SNV Shares Sold by EMC Capital Management

EMC Capital Management decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 64.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,427 shares of the bank’s stock after selling 6,205 shares during the quarter. EMC Capital Management’s holdings in Synovus Financial were worth $177,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp boosted its stake in shares of Synovus Financial by 4.9% during the 2nd quarter. Fifth Third Bancorp now owns 4,082 shares of the bank’s stock worth $211,000 after acquiring an additional 189 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Synovus Financial by 17.0% during the second quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock valued at $110,000 after purchasing an additional 308 shares during the last quarter. MFA Wealth Advisors LLC boosted its position in shares of Synovus Financial by 4.2% in the 2nd quarter. MFA Wealth Advisors LLC now owns 8,066 shares of the bank’s stock valued at $417,000 after purchasing an additional 326 shares during the period. US Bancorp DE increased its stake in Synovus Financial by 2.4% in the 1st quarter. US Bancorp DE now owns 15,665 shares of the bank’s stock worth $732,000 after purchasing an additional 369 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Synovus Financial by 33.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank’s stock worth $76,000 after buying an additional 406 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Up 2.1%

Synovus Financial stock opened at $45.18 on Wednesday. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $6.27 billion, a PE ratio of 8.43, a P/E/G ratio of 0.77 and a beta of 1.29. The firm’s 50 day moving average price is $47.35 and its two-hundred day moving average price is $49.14.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, beating the consensus estimate of $1.36 by $0.10. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The business had revenue of $612.79 million for the quarter, compared to analysts’ expectations of $604.59 million. During the same period in the previous year, the company posted $1.23 EPS. Synovus Financial’s revenue was up 9.0% on a year-over-year basis. On average, research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.5%. Synovus Financial’s dividend payout ratio (DPR) is 29.10%.

Analysts Set New Price Targets

A number of research firms have commented on SNV. Stephens reduced their price objective on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. Wall Street Zen upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Weiss Ratings cut shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Wells Fargo & Company restated an “equal weight” rating and issued a $58.00 target price (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Finally, Raymond James Financial cut Synovus Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, July 28th. Eight analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $58.56.

Insider Activity

In other news, Director Gregory G. Montana purchased 1,000 shares of Synovus Financial stock in a transaction dated Monday, October 20th. The stock was acquired at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the acquisition, the director directly owned 5,464 shares in the company, valued at $247,901.68. This represents a 22.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.