Synovus Financial Corp. (NYSE:SNV) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 1.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,806,513 shares of the bank’s stock after selling 185,772 shares during the quarter. Vanguard Group Inc. owned 9.79% of Synovus Financial worth $645,316,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC raised its stake in shares of Synovus Financial by 0.5% in the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank’s stock worth $2,412,000 after purchasing an additional 249 shares during the last quarter. State of Michigan Retirement System raised its stake in shares of Synovus Financial by 0.9% in the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank’s stock worth $1,580,000 after purchasing an additional 300 shares during the last quarter. Greenleaf Trust raised its stake in shares of Synovus Financial by 5.2% in the first quarter. Greenleaf Trust now owns 6,425 shares of the bank’s stock worth $300,000 after purchasing an additional 318 shares during the last quarter. ProShare Advisors LLC raised its position in Synovus Financial by 5.6% during the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank’s stock valued at $340,000 after acquiring an additional 352 shares in the last quarter. Finally, US Bancorp DE raised its position in Synovus Financial by 2.4% during the first quarter. US Bancorp DE now owns 15,665 shares of the bank’s stock valued at $732,000 after acquiring an additional 369 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SNV has been the subject of several recent research reports. Barclays reduced their price target on Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, July 28th. Raymond James Financial cut Synovus Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, July 28th. Morgan Stanley lifted their price target on Synovus Financial from $58.00 to $61.00 and gave the company an “equal weight” rating in a research report on Friday, July 18th. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $58.00 price target (down from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.94.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $49.53 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The business’s 50 day moving average price is $51.00 and its 200-day moving average price is $48.83. The firm has a market capitalization of $6.87 billion, a PE ratio of 9.51, a P/E/G ratio of 0.83 and a beta of 1.21. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $61.06.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. During the same period in the previous year, the company posted $1.16 earnings per share. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a $0.39 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.1%. Synovus Financial’s payout ratio is currently 29.94%.

Insider Transactions at Synovus Financial

In other news, Director Diana M. Murphy purchased 1,000 shares of the stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, with a total value of $48,800.00. Following the completion of the purchase, the director directly owned 40,171 shares of the company’s stock, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the purchase, the chief financial officer directly owned 58,220 shares of the company’s stock, valued at $2,846,958. The trade was a 3.56% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 8,040 shares of company stock valued at $392,916. Insiders own 1.00% of the company’s stock.

Synovus Financial 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.