Wells Fargo & Company MN decreased its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 1.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 334,004 shares of the bank’s stock after selling 5,712 shares during the quarter. Wells Fargo & Company MN owned about 0.28% of Synovus Financial worth $16,012,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Cerebellum GP LLC acquired a new position in shares of Synovus Financial during the 4th quarter worth approximately $124,000. Contravisory Investment Management Inc. acquired a new position in shares of Synovus Financial during the 4th quarter worth approximately $171,000. Alpine Woods Capital Investors LLC acquired a new position in shares of Synovus Financial during the 3rd quarter worth approximately $207,000. Jane Street Group LLC acquired a new position in shares of Synovus Financial during the 3rd quarter worth approximately $215,000. Finally, Patten Group Inc. increased its position in shares of Synovus Financial by 61.1% during the 3rd quarter. Patten Group Inc. now owns 5,729 shares of the bank’s stock worth $164,000 after purchasing an additional 2,172 shares during the last quarter. 81.01% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on the company. Robert W. Baird reissued an “average” rating and set a $47.00 target price on shares of Synovus Financial in a report on Wednesday, January 3rd. Barclays boosted their target price on Synovus Financial from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 24th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $55.00 target price on shares of Synovus Financial in a report on Tuesday, February 27th. Morgan Stanley boosted their target price on Synovus Financial from $50.00 to $52.00 and gave the stock an “underperform” rating in a report on Friday, January 26th. Finally, Hovde Group reissued a “hold” rating and set a $53.00 target price on shares of Synovus Financial in a report on Tuesday, January 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $52.08.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.05. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The firm had revenue of $339.07 million for the quarter, compared to analyst estimates of $338.60 million. During the same period in the prior year, the firm posted $0.54 EPS. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. equities research analysts predict that Synovus Financial Corp. will post 3.41 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.90%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, March 14th. Synovus Financial’s dividend payout ratio is currently 23.44%.
Synovus Financial announced that its board has authorized a share repurchase plan on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other Synovus Financial news, COO Allen J. Gula sold 2,450 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total value of $123,039.00. Following the transaction, the chief operating officer now directly owns 70,111 shares of the company’s stock, valued at approximately $3,520,974.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Mark G. Holladay sold 5,000 shares of the company’s stock in a transaction 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 disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
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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