American International Group Inc. Sells 8,394 Shares of Synovus Financial Corp. (NYSE:SNV)

American International Group Inc. lowered its position in Synovus Financial Corp. (NYSE:SNVFree Report) by 4.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 197,527 shares of the bank’s stock after selling 8,394 shares during the period. American International Group Inc. owned about 0.14% of Synovus Financial worth $7,437,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Phocas Financial Corp. acquired a new stake in Synovus Financial in the 4th quarter valued at about $7,115,000. New York State Common Retirement Fund lifted its stake in Synovus Financial by 346.6% in the 4th quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after purchasing an additional 443,056 shares during the last quarter. BIP Wealth LLC lifted its stake in Synovus Financial by 104.6% in the 4th quarter. BIP Wealth LLC now owns 46,901 shares of the bank’s stock valued at $1,766,000 after purchasing an additional 23,978 shares during the last quarter. American Century Companies Inc. lifted its stake in Synovus Financial by 46.0% in the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after purchasing an additional 301,604 shares during the last quarter. Finally, Channing Capital Management LLC acquired a new stake in Synovus Financial in the 4th quarter valued at about $72,201,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $37.47 on Monday. The firm has a market cap of $5.49 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 5.06 and a beta of 1.41. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $40.92. The firm’s fifty day moving average is $38.04 and its 200-day moving average is $37.27.

Synovus Financial (NYSE:SNVGet Free Report) last posted its earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The business had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company’s revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.33 earnings per share. Sell-side analysts predict that Synovus Financial Corp. will post 3.82 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Thursday, June 20th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, June 20th. This represents a $1.52 annualized dividend and a dividend yield of 4.06%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of Synovus Financial stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the transaction, the insider now owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday, April 19th. The Goldman Sachs Group lowered their target price on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Evercore ISI raised their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. Piper Sandler lowered their target price on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Finally, Jefferies Financial Group lowered their target price on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Synovus Financial has a consensus rating of “Hold” and a consensus price target of $41.50.

Check Out Our Latest Stock Analysis on SNV

Synovus Financial Profile

(Free Report)

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

Featured Articles

Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNVFree Report).

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

Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.