Mark G. Holladay Sells 5,000 Shares of Synovus Financial Corp. (SNV) Stock

Synovus Financial Corp. (NYSE:SNV) VP Mark G. Holladay sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $50.16, for a total value of $250,800.00. Following the completion of the transaction, the vice president now directly owns 52,063 shares in the company, valued at $2,611,480.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of Synovus Financial Corp. (NYSE:SNV) traded down $0.71 during trading hours on Friday, hitting $50.60. The stock had a trading volume of 788,181 shares, compared to its average volume of 931,776. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.97 and a quick ratio of 0.97. Synovus Financial Corp. has a one year low of $37.95 and a one year high of $52.08. The firm has a market capitalization of $6,080.00, a price-to-earnings ratio of 23.32, a price-to-earnings-growth ratio of 1.84 and a beta of 1.12.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.05. The business had revenue of $339.07 million during the quarter, compared to analyst estimates of $338.60 million. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. Synovus Financial’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.54 EPS. research analysts anticipate that Synovus Financial Corp. will post 3.42 EPS for the current year.

Synovus Financial announced that its board has approved a share repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

SNV has been the topic of a number of research reports. Jefferies Group reaffirmed a “hold” rating and set a $50.00 target price on shares of Synovus Financial in a research report on Thursday, October 12th. Robert W. Baird reaffirmed a “hold” rating and set a $43.00 target price on shares of Synovus Financial in a research report on Friday, October 20th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $48.00 target price on shares of Synovus Financial in a research report on Thursday, October 19th. Zacks Investment Research lowered Synovus Financial from a “buy” rating to a “hold” rating and set a $54.00 target price on the stock. in a research report on Friday, January 5th. Finally, Barclays set a $49.00 target price on Synovus Financial and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $51.92.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SeaCrest Wealth Management LLC purchased a new stake in Synovus Financial in the 4th quarter valued at $1,292,000. Aperio Group LLC raised its position in Synovus Financial by 35.3% in the 4th quarter. Aperio Group LLC now owns 56,124 shares of the bank’s stock valued at $2,691,000 after buying an additional 14,636 shares during the last quarter. Victory Capital Management Inc. raised its position in Synovus Financial by 0.7% in the 4th quarter. Victory Capital Management Inc. now owns 2,797,611 shares of the bank’s stock valued at $134,118,000 after buying an additional 19,351 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in Synovus Financial in the 4th quarter valued at $804,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Synovus Financial by 43.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,625 shares of the bank’s stock valued at $318,000 after buying an additional 2,017 shares during the last quarter. 77.66% of the stock is owned by institutional investors and hedge funds.

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About Synovus Financial

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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