Synovus Financial Corp. (NYSE:SNV) Shares Sold by Goelzer Investment Management Inc.

Goelzer Investment Management Inc. reduced its holdings in Synovus Financial Corp. (NYSE:SNVFree Report) by 15.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,996 shares of the bank’s stock after selling 928 shares during the quarter. Goelzer Investment Management Inc.’s holdings in Synovus Financial were worth $200,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SNV. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares in the last quarter. Channing Capital Management LLC acquired a new stake in shares of Synovus Financial in the fourth quarter valued at about $72,201,000. Norges Bank acquired a new stake in shares of Synovus Financial in the fourth quarter valued at about $59,941,000. Dimensional Fund Advisors LP grew its stake in shares of Synovus Financial by 24.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock valued at $194,951,000 after buying an additional 1,016,231 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in shares of Synovus Financial by 346.6% in the fourth quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after buying an additional 443,056 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Synovus Financial

In related news, EVP D Wayne Akins, Jr. bought 24,500 shares of the business’s stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the acquisition, the executive vice president now directly owns 41,884 shares in the company, valued at $1,566,461.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP D Wayne Akins, Jr. bought 24,500 shares of the business’s stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the acquisition, the executive vice president now directly owns 41,884 shares in the company, valued at $1,566,461.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Eli Samaha sold 172,889 shares of Synovus Financial stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the transaction, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The disclosure for this sale can be found here. Insiders have sold a total of 179,712 shares of company stock worth $4,528,878 over the last three months. Corporate insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

SNV has been the subject of a number of analyst reports. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Evercore ISI increased their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. Jefferies Financial Group increased their target price on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Barclays upgraded Synovus Financial from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $39.00 to $46.00 in a research report on Monday, June 24th. Finally, DA Davidson increased their price target on Synovus Financial from $43.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.25.

View Our Latest Analysis on SNV

Synovus Financial Price Performance

Shares of SNV traded up $0.04 during trading hours on Monday, hitting $39.55. 312,431 shares of the company were exchanged, compared to its average volume of 1,381,083. The company has a market capitalization of $5.79 billion, a PE ratio of 13.53, a PEG ratio of 5.28 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a fifty day simple moving average of $38.47 and a 200-day simple moving average of $37.85. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $41.15.

Synovus Financial (NYSE:SNVGet Free Report) last issued 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 during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period last year, the business earned $1.33 EPS. As a group, sell-side analysts predict that Synovus Financial Corp. will post 3.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, June 20th. This represents a $1.52 annualized dividend and a yield of 3.84%. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

About Synovus Financial

(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.

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

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