AE Wealth Management LLC Invests $510,000 in Synovus Financial Corp. (NYSE:SNV)

AE Wealth Management LLC acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,678 shares of the bank’s stock, valued at approximately $510,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SNV. Innealta Capital LLC purchased a new position in shares of Synovus Financial during the 2nd quarter worth $43,000. Abich Financial Wealth Management LLC lifted its position in Synovus Financial by 43.5% during the first 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 in the last quarter. Fidelis Capital Partners LLC bought a new stake in Synovus Financial during the first quarter valued at about $51,000. Headlands Technologies LLC increased its position in Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after buying an additional 1,105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised 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 period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

SNV stock opened at $43.81 on Friday. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $47.83. The firm has a market capitalization of $6.31 billion, a P/E ratio of 15.00, a price-to-earnings-growth ratio of 3.29 and a beta of 1.39. The company has a fifty day simple moving average of $44.21 and a two-hundred day simple moving average of $40.59. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $0.96 by $0.20. The company had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm’s revenue was down .7% on a year-over-year basis. During the same quarter last year, the business posted $1.16 earnings per share. Analysts anticipate that Synovus Financial Corp. will post 4.21 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be given 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 3.47%. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on SNV shares. Wells Fargo & Company increased their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Tuesday, September 17th. StockNews.com downgraded shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Jefferies Financial Group raised their price target on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Finally, Barclays upped their price objective on Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.81.

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.