Ensign Peak Advisors Inc Sells 10,830 Shares of Synovus Financial Corp. (NYSE:SNV)

Ensign Peak Advisors Inc cut its stake in Synovus Financial Corp. (NYSE:SNV) by 16.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,552 shares of the bank’s stock after selling 10,830 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Synovus Financial were worth $2,273,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Innealta Capital LLC acquired a new position in Synovus Financial in the 2nd quarter valued at about $43,000. Abich Financial Wealth Management LLC increased its stake in shares of Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares during the period. Fidelis Capital Partners LLC acquired a new stake in Synovus Financial during the 1st quarter worth approximately $51,000. Headlands Technologies LLC lifted its holdings in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after purchasing an additional 298 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Down 0.0 %

NYSE:SNV opened at $43.81 on Friday. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $47.83. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $6.42 billion, a PE ratio of 15.00, a P/E/G ratio of 3.29 and a beta of 1.39. The firm’s 50 day simple moving average is $44.19 and its 200 day simple moving average is $40.62.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The company had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.16 earnings per share. On average, research analysts anticipate that Synovus Financial Corp. will post 4.21 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be paid a $0.38 dividend. The ex-dividend date is Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.47%. Synovus Financial’s payout ratio is 52.05%.

Insider Transactions at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SNV. Piper Sandler lifted their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Wells Fargo & Company lifted their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Barclays increased their target price on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. DA Davidson raised their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, JPMorgan Chase & Co. boosted their price target on Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.81.

Synovus Financial Company Profile

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.