Curtis J. Perry Sells 7,062 Shares of Synovus Financial Corp. (SNV) Stock
Synovus Financial Corp. (NYSE:SNV) EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. stock in a transaction on Monday, July 24th. The shares were sold at an average price of $43.86, for a total value of $309,739.32. Following the completion of the transaction, the executive vice president now owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Synovus Financial Corp. (SNV) traded up 1.07% during mid-day trading on Tuesday, reaching $44.40. The company’s stock had a trading volume of 1,258,499 shares. The firm has a market capitalization of $5.40 billion, a PE ratio of 20.16 and a beta of 1.13. Synovus Financial Corp. has a 52 week low of $29.74 and a 52 week high of $45.38. The firm has a 50-day moving average of $43.54 and a 200-day moving average of $42.13.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The business had revenue of $319.80 million for the quarter, compared to analysts’ expectations of $317.81 million. During the same quarter last year, the company posted $0.46 earnings per share. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. Equities research analysts forecast that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Thursday, June 15th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, June 13th. This represents a $0.60 annualized dividend and a yield of 1.35%. Synovus Financial Corp.’s dividend payout ratio (DPR) is 27.15%.
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Large investors have recently made changes to their positions in the stock. Advisory Services Network LLC purchased a new stake in shares of Synovus Financial Corp. during the first quarter valued at approximately $120,000. Balentine LLC raised its position in Synovus Financial Corp. by 0.3% in the first quarter. Balentine LLC now owns 3,108 shares of the bank’s stock worth $128,000 after buying an additional 9 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock worth $132,000 after buying an additional 297 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Synovus Financial Corp. during the first quarter worth approximately $135,000. Finally, PNC Financial Services Group Inc. raised its position in Synovus Financial Corp. by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after buying an additional 622 shares in the last quarter. Institutional investors own 77.56% of the company’s stock.
SNV has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $39.00 target price on shares of Synovus Financial Corp. in a report on Monday, April 3rd. Jefferies Group LLC reiterated a “hold” rating and issued a $47.00 target price on shares of Synovus Financial Corp. in a report on Wednesday, April 5th. Zacks Investment Research lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Friday, April 7th. Barclays PLC reiterated an “equal weight” rating and issued a $44.00 target price (up from $42.00) on shares of Synovus Financial Corp. in a report on Saturday, April 22nd. Finally, Bank of America Corporation upgraded Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 target price for the company in a report on Thursday, May 11th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $42.78.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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