Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its stake in Synovus Financial Corp. (NYSE:SNVGet Rating) by 18.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 226,117 shares of the bank’s stock after acquiring an additional 35,906 shares during the period. Allspring Global Investments Holdings LLC owned about 0.16% of Synovus Financial worth $8,481,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SNV. Wedge Capital Management L L P NC purchased a new stake in shares of Synovus Financial in the 3rd quarter valued at about $27,124,000. FMR LLC boosted its holdings in shares of Synovus Financial by 14.5% in the second quarter. FMR LLC now owns 4,289,529 shares of the bank’s stock valued at $154,638,000 after acquiring an additional 541,698 shares during the period. Synovus Financial Corp grew its position in shares of Synovus Financial by 8.7% during the second quarter. Synovus Financial Corp now owns 5,873,308 shares of the bank’s stock worth $211,728,000 after acquiring an additional 468,077 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Synovus Financial in the 1st quarter valued at $20,823,000. Finally, Basswood Capital Management L.L.C. raised its position in Synovus Financial by 702.7% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 397,632 shares of the bank’s stock valued at $14,335,000 after purchasing an additional 348,097 shares during the last quarter. Institutional investors and hedge funds own 79.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SNV shares. StockNews.com started coverage on shares of Synovus Financial in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Royal Bank of Canada decreased their price target on shares of Synovus Financial from $49.00 to $46.00 and set an “outperform” rating for the company in a research note on Friday, October 21st. Wells Fargo & Company decreased their price target on shares of Synovus Financial from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, October 21st. DA Davidson increased their price target on shares of Synovus Financial from $42.50 to $45.50 in a research note on Friday, December 9th. Finally, Raymond James decreased their price target on shares of Synovus Financial from $48.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, October 21st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.30.

Synovus Financial Stock Down 0.4 %

Synovus Financial stock opened at $39.58 on Friday. The stock’s 50 day moving average price is $39.52 and its 200 day moving average price is $39.53. Synovus Financial Corp. has a 1-year low of $34.15 and a 1-year high of $54.40. The company has a market cap of $5.76 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 6.18 and a beta of 1.35. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.93 and a quick ratio of 0.92.

Synovus Financial (NYSE:SNVGet Rating) last issued its earnings results on Thursday, October 20th. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.28 by $0.06. The company had revenue of $582.22 million for the quarter, compared to analyst estimates of $570.52 million. Synovus Financial had a net margin of 33.25% and a return on equity of 17.83%. During the same period in the previous year, the firm earned $1.20 EPS. On average, sell-side analysts predict that Synovus Financial Corp. will post 4.95 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th were given a dividend of $0.34 per share. The ex-dividend date was Wednesday, December 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.44%. Synovus Financial’s payout ratio is 27.70%.

Insider Transactions at Synovus Financial

In related news, EVP Allan E. Kamensky sold 663 shares of Synovus Financial stock in a transaction on Monday, November 14th. The stock was sold at an average price of $43.80, for a total transaction of $29,039.40. Following the completion of the transaction, the executive vice president now directly owns 5,090 shares of the company’s stock, valued at $222,942. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.55% of the company’s stock.

About Synovus Financial

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Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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

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