Renaissance Technologies LLC reduced its position in Synovus Financial Corp. (NYSE:SNV) by 58.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 114,073 shares of the bank’s stock after selling 158,354 shares during the quarter. Renaissance Technologies LLC owned approximately 0.10% of Synovus Financial worth $6,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in SNV. Itau Unibanco Holding S.A. bought a new position in shares of Synovus Financial in the second quarter worth $128,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Synovus Financial in the second quarter worth $214,000. Silvercrest Asset Management Group LLC bought a new position in shares of Synovus Financial in the first quarter worth $226,000. RFG Advisory Group LLC bought a new position in shares of Synovus Financial in the second quarter worth $241,000. Finally, FTB Advisors Inc. boosted its holdings in shares of Synovus Financial by 363.5% in the second quarter. FTB Advisors Inc. now owns 5,465 shares of the bank’s stock worth $288,000 after acquiring an additional 4,286 shares during the period. 81.01% of the stock is owned by institutional investors and hedge funds.
SNV has been the subject of a number of analyst reports. Zacks Investment Research raised Synovus Financial from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Wednesday, July 18th. ValuEngine lowered Synovus Financial from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. Barclays cut their price target on Synovus Financial from $57.00 to $55.00 and set an “equal weight” rating for the company in a report on Wednesday, October 3rd. Stephens lowered Synovus Financial from an “overweight” rating to an “equal” rating and set a $31.00 price target for the company. in a report on Tuesday, July 24th. Finally, Morgan Stanley reaffirmed a “hold” rating and issued a $55.00 price target (down from $56.00) on shares of Synovus Financial in a report on Tuesday, September 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $51.58.
In other Synovus Financial news, Director Diana M. Murphy acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The stock was bought at an average price of $49.68 per share, with a total value of $99,360.00. Following the completion of the purchase, the director now owns 6,347 shares of the company’s stock, valued at $315,318.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Allan E. Kamensky acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The shares were acquired at an average cost of $50.06 per share, with a total value of $50,060.00. Following the purchase, the executive vice president now directly owns 66,166 shares of the company’s stock, valued at approximately $3,312,269.96. The disclosure for this purchase can be found here. Insiders have purchased 4,310 shares of company stock valued at $214,173 in the last three months. 1.50% of the stock is owned by corporate insiders.
NYSE:SNV opened at $42.86 on Friday. The firm has a market cap of $5.37 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 1.58 and a beta of 0.96. Synovus Financial Corp. has a 52-week low of $41.90 and a 52-week high of $57.40. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.98 and a quick ratio of 0.97.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Tuesday, July 24th. The bank reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.04. The company had revenue of $359.30 million during the quarter, compared to analyst estimates of $356.60 million. Synovus Financial had a return on equity of 13.61% and a net margin of 21.47%. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter last year, the company earned $0.61 earnings per share. Equities research analysts anticipate that Synovus Financial Corp. will post 3.63 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Thursday, September 20th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.33%. The ex-dividend date was Wednesday, September 19th. Synovus Financial’s dividend payout ratio is 39.53%.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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