Synovus Financial Corp. (NYSE:SNV) Shares Sold by American Century Companies Inc.

American Century Companies Inc. lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 1.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,331,295 shares of the bank’s stock after selling 19,056 shares during the quarter. American Century Companies Inc. owned about 0.92% of Synovus Financial worth $53,505,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Wellington Management Group LLP raised its holdings in shares of Synovus Financial by 56.9% during the fourth 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 during the last quarter. Norges Bank purchased a new position in shares of Synovus Financial during the 4th quarter valued at about $59,941,000. rhino investment partners Inc lifted its holdings in shares of Synovus Financial by 119.9% in the 4th quarter. rhino investment partners Inc now owns 473,391 shares of the bank’s stock valued at $17,823,000 after buying an additional 258,148 shares during the period. Interval Partners LP boosted its stake in shares of Synovus Financial by 74.2% in the first quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock worth $15,570,000 after buying an additional 165,548 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its holdings in Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after acquiring an additional 148,842 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Trading Up 2.1 %

Shares of Synovus Financial stock opened at $44.62 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The stock’s 50 day simple moving average is $43.90 and its 200-day simple moving average is $40.26. The stock has a market cap of $6.42 billion, a P/E ratio of 15.28, a P/E/G ratio of 3.41 and a beta of 1.39. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $47.83.

Synovus Financial (NYSE:SNV) last released 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 return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. During the same quarter in the previous year, the company posted $1.16 earnings per share. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. Analysts predict that Synovus Financial Corp. will post 4.05 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Thursday, September 19th. Synovus Financial’s payout ratio is currently 52.05%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Keefe, Bruyette & Woods raised their target price on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research report on Tuesday, July 9th. 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. Barclays increased their price target on Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Finally, StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.44.

Insiders Place Their Bets

In other news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.81% of the stock is owned by insiders.

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.