Advisor Group Holdings Inc. Sells 16,504 Shares of Synovus Financial Corp. (NYSE:SNV)

Advisor Group Holdings Inc. trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 18.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,367 shares of the bank’s stock after selling 16,504 shares during the period. Advisor Group Holdings Inc. owned 0.05% of Synovus Financial worth $3,264,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SNV. Envestnet Asset Management Inc. raised its position in shares of Synovus Financial by 18.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 45,117 shares of the bank’s stock valued at $1,980,000 after purchasing an additional 7,064 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Synovus Financial by 30.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 11,221 shares of the bank’s stock valued at $492,000 after purchasing an additional 2,638 shares during the period. HighTower Advisors LLC increased its holdings in Synovus Financial by 13.3% in the 2nd quarter. HighTower Advisors LLC now owns 8,534 shares of the bank’s stock valued at $372,000 after acquiring an additional 1,000 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in Synovus Financial by 5.3% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 20,938 shares of the bank’s stock valued at $918,000 after acquiring an additional 1,048 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in Synovus Financial by 5.6% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 165,860 shares of the bank’s stock valued at $7,278,000 after acquiring an additional 8,861 shares during the last quarter. Hedge funds and other institutional investors own 76.95% of the company’s stock.

In other Synovus Financial news, EVP Mark G. Holladay sold 1,500 shares of the business’s stock in a transaction dated Wednesday, December 1st. The shares were sold at an average price of $46.60, for a total value of $69,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Kessel D. Stelling sold 50,000 shares of the business’s stock in a transaction dated Tuesday, January 4th. The shares were sold at an average price of $49.74, for a total transaction of $2,487,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 123,992 shares of company stock valued at $6,065,195. 1.11% of the stock is owned by corporate insiders.

Shares of NYSE:SNV opened at $53.66 on Friday. Synovus Financial Corp. has a 52 week low of $35.44 and a 52 week high of $53.70. The stock has a market capitalization of $7.81 billion, a P/E ratio of 11.79, a PEG ratio of 0.54 and a beta of 1.53. The firm has a fifty day simple moving average of $48.50 and a two-hundred day simple moving average of $45.28. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.26.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Monday, October 18th. The bank reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.13. Synovus Financial had a net margin of 33.57% and a return on equity of 15.49%. The firm had revenue of $499.87 million during the quarter, compared to analysts’ expectations of $491.33 million. During the same period in the previous year, the company earned $0.89 EPS. On average, analysts expect that Synovus Financial Corp. will post 4.66 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, January 3rd. Investors of record on Thursday, December 16th were paid a dividend of $0.33 per share. The ex-dividend date was Wednesday, December 15th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.46%. Synovus Financial’s dividend payout ratio is presently 29.01%.

A number of brokerages have issued reports on SNV. Stephens lifted their price target on shares of Synovus Financial from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, October 20th. Royal Bank of Canada lifted their price target on shares of Synovus Financial from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 20th. JPMorgan Chase & Co. upgraded shares of Synovus Financial from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $53.00 to $56.00 in a report on Wednesday, December 15th. Morgan Stanley lifted their price target on shares of Synovus Financial from $60.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, December 6th. Finally, Raymond James lifted their price target on shares of Synovus Financial from $54.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, November 4th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $56.44.

Synovus Financial Company Profile

Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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