Synovus Financial Corp. (NYSE:SNV) Stake Lowered by Amalgamated Bank

Amalgamated Bank trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 7.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,723 shares of the bank’s stock after selling 7,825 shares during the period. Amalgamated Bank owned about 0.06% of Synovus Financial worth $3,686,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Synovus Financial by 56.9% during the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after purchasing an additional 2,843,488 shares in the last quarter. Norges Bank acquired a new position in Synovus Financial in the fourth quarter worth approximately $59,941,000. Dimensional Fund Advisors LP lifted its stake in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new stake in Synovus Financial in the second quarter worth approximately $19,434,000. Finally, rhino investment partners Inc increased its stake in shares of Synovus Financial by 119.9% during the 4th quarter. rhino investment partners Inc now owns 473,391 shares of the bank’s stock worth $17,823,000 after purchasing an additional 258,148 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Wells Fargo & Company upped their price target on Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Royal Bank of Canada raised their price objective on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Truist Financial upped their target price on Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Barclays lifted their price target on shares of Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.81.

Synovus Financial Stock Down 1.3 %

NYSE SNV opened at $45.00 on Monday. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $47.83. The stock has a market cap of $6.59 billion, a PE ratio of 15.41, a PEG ratio of 3.50 and a beta of 1.39. The firm has a 50-day simple moving average of $44.30 and a 200 day simple moving average of $40.48. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the company earned $1.16 EPS. On average, research analysts forecast that Synovus Financial Corp. will post 4.05 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.38%. The ex-dividend date is Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate 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.