Synovus Financial Corp. (SNV) Shares Bought by Advantus Capital Management Inc
Advantus Capital Management Inc raised its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 3.0% during the first quarter, Holdings Channel reports. The institutional investor owned 15,659 shares of the bank’s stock after buying an additional 460 shares during the period. Advantus Capital Management Inc’s holdings in Synovus Financial Corp. were worth $642,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Advisory Services Network LLC acquired a new stake in Synovus Financial Corp. during the first quarter valued at about $120,000. Envestnet Asset Management Inc. raised its stake in Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock valued at $132,000 after buying an additional 297 shares in the last quarter. Neuburgh Advisers LLC raised its stake in Synovus Financial Corp. by 14.0% in the first quarter. Neuburgh Advisers LLC now owns 4,704 shares of the bank’s stock valued at $193,000 after buying an additional 576 shares in the last quarter. LMR Partners LLP acquired a new stake in Synovus Financial Corp. during the first quarter valued at about $226,000. Finally, Credit Agricole S A acquired a new stake in Synovus Financial Corp. during the fourth quarter valued at about $228,000. Hedge funds and other institutional investors own 79.03% of the company’s stock.
Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.84% during trading on Friday, hitting $43.45. The stock had a trading volume of 1,775,255 shares. The company’s 50 day moving average price is $42.14 and its 200 day moving average price is $41.57. The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of 21.07 and a beta of 1.13. Synovus Financial Corp. has a 52 week low of $26.90 and a 52 week high of $44.44.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings results on Tuesday, April 18th. The bank reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.06. The company had revenue of $311.77 million for the quarter, compared to analysts’ expectations of $303.05 million. Synovus Financial Corp. had a net margin of 20.04% and a return on equity of 9.50%. Synovus Financial Corp.’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 EPS. Analysts predict that Synovus Financial Corp. will post $2.42 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.38%. Synovus Financial Corp.’s dividend payout ratio (DPR) is presently 28.99%.
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Several research firms have issued reports on SNV. Keefe, Bruyette & Woods restated a “hold” rating and issued a $39.00 price objective on shares of Synovus Financial Corp. in a research note on Monday, April 3rd. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday. Jefferies Group LLC restated a “hold” rating and issued a $47.00 price objective on shares of Synovus Financial Corp. in a research note on Wednesday, April 5th. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Thursday, April 20th. Finally, Barclays PLC restated an “equal weight” rating and issued a $44.00 price objective (up previously from $42.00) on shares of Synovus Financial Corp. in a research note on Saturday, April 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. Synovus Financial Corp. presently has an average rating of “Hold” and an average price target of $38.81.
In related news, EVP D Wayne Akins, Jr. sold 3,500 shares of Synovus Financial Corp. stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $42.96, for a total value of $150,360.00. Following the sale, the executive vice president now owns 34,994 shares of the company’s stock, valued at approximately $1,503,342.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey Barton Singleton sold 10,500 shares of Synovus Financial Corp. stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $41.96, for a total transaction of $440,580.00. Following the completion of the sale, the executive vice president now directly owns 58,781 shares in the company, valued at approximately $2,466,450.76. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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