Commonwealth Equity Services LLC Has $430,000 Stock Position in Synovus Financial Corp. (NYSE:SNV)

Commonwealth Equity Services LLC trimmed its position in Synovus Financial Corp. (NYSE:SNV) by 18.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 10,694 shares of the bank’s stock after selling 2,498 shares during the period. Commonwealth Equity Services LLC’s holdings in Synovus Financial were worth $430,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp grew its position in Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after acquiring an additional 245 shares in the last quarter. Pitcairn Co. lifted its stake in shares of Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after buying an additional 261 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after buying an additional 298 shares during the last quarter. Abich Financial Wealth Management LLC lifted its stake in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after buying an additional 371 shares during the last quarter. Finally, Brown Advisory Inc. lifted its stake in shares of Synovus Financial by 4.1% in the fourth quarter. Brown Advisory Inc. now owns 11,909 shares of the bank’s stock worth $448,000 after buying an additional 466 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on SNV. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. Wells Fargo & Company increased their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Piper Sandler increased their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. upped their target price 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. Finally, Morgan Stanley upped their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.81.

Synovus Financial Stock Performance

Shares of SNV stock opened at $45.00 on Friday. The business’s 50 day simple moving average is $44.30 and its 200 day simple moving average is $40.48. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $47.83. The stock has a market capitalization of $6.59 billion, a PE ratio of 15.41, a PEG ratio of 3.50 and a beta of 1.39. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last issued its earnings results 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 period in the prior year, the firm earned $1.16 earnings per share. Synovus Financial’s revenue for the quarter was down .7% on a year-over-year basis. As a group, research analysts forecast that Synovus Financial Corp. will post 4.05 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be paid 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 yield of 3.38%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is owned by corporate 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.