American Century Companies Inc. Sells 22,955 Shares of Synovus Financial Corp. $SNV

American Century Companies Inc. lowered its position in Synovus Financial Corp. (NYSE:SNV) by 3.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 734,216 shares of the bank’s stock after selling 22,955 shares during the quarter. American Century Companies Inc. owned about 0.53% of Synovus Financial worth $37,996,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Armstrong Advisory Group Inc. bought a new position in Synovus Financial during the second quarter worth about $41,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Synovus Financial during the 1st quarter valued at approximately $47,000. IFP Advisors Inc boosted its holdings in Synovus Financial by 650.4% in the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock worth $60,000 after buying an additional 917 shares during the period. Cullen Frost Bankers Inc. bought a new position in Synovus Financial in the 2nd quarter worth approximately $60,000. Finally, Brooklyn Investment Group grew its stake in Synovus Financial by 39.1% in the 1st quarter. Brooklyn Investment Group now owns 1,561 shares of the bank’s stock valued at $73,000 after buying an additional 439 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SNV. Keefe, Bruyette & Woods downgraded Synovus Financial from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $65.00 to $50.00 in a research report on Tuesday, August 12th. JPMorgan Chase & Co. reduced their price target on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Stephens dropped their price objective on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Weiss Ratings downgraded Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada reduced their target price on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Eight equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Synovus Financial Stock Performance

NYSE:SNV opened at $48.20 on Friday. The stock has a market cap of $6.69 billion, a P/E ratio of 8.99, a PEG ratio of 0.77 and a beta of 1.28. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. The business’s 50-day moving average price is $46.73 and its two-hundred day moving average price is $49.17. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping the consensus estimate of $1.36 by $0.10. The company had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.Synovus Financial’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.23 earnings per share. As a group, equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.2%. Synovus Financial’s dividend payout ratio is presently 29.10%.

Insider Activity at Synovus Financial

In related news, Director Gregory G. Montana acquired 1,000 shares of the stock in a transaction dated Monday, October 20th. The shares were purchased at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the transaction, the director owned 5,464 shares in the company, valued at $247,901.68. This represents a 22.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 1.00% of the stock is owned by insiders.

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.