Synovus Financial Corp. (NYSE:SNV) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 70.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 261,721 shares of the bank’s stock after selling 622,123 shares during the period. Victory Capital Management Inc. owned 0.18% of Synovus Financial worth $10,519,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. American National Bank purchased a new position in shares of Synovus Financial during the fourth quarter worth about $38,000. Innealta Capital LLC acquired a new stake in Synovus Financial during the 2nd quarter worth approximately $43,000. Abich Financial Wealth Management LLC grew its stake in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Synovus Financial in the first quarter valued at approximately $51,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Synovus Financial by 288.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,608 shares of the bank’s stock worth $61,000 after purchasing an additional 1,194 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

NYSE:SNV opened at $44.62 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $6.42 billion, a P/E ratio of 15.28, a price-to-earnings-growth ratio of 3.41 and a beta of 1.39. The firm has a 50-day moving average price of $43.90 and a two-hundred day moving average price of $40.24. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $47.83.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same period last year, the company posted $1.16 EPS. The company’s revenue was down .7% on a year-over-year basis. As a group, research analysts expect that Synovus Financial Corp. will post 4.05 earnings per share for the current fiscal 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 issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.41%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Analysts Set New Price Targets

Several equities analysts have issued reports on SNV shares. Morgan Stanley boosted their price objective on shares of Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Barclays lifted their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods increased their target price on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 9th. Finally, Jefferies Financial Group lifted their price target on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $46.44.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.81% of the company’s stock.

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.