ProShare Advisors LLC Grows Holdings in Synovus Financial Corp. (NYSE:SNV)

ProShare Advisors LLC lifted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 93.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 13,810 shares of the bank’s stock after purchasing an additional 6,671 shares during the period. ProShare Advisors LLC’s holdings in Synovus Financial were worth $555,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Innealta Capital LLC acquired a new stake in Synovus Financial in the 2nd quarter valued at $43,000. Abich Financial Wealth Management LLC grew its position 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 valued at $49,000 after purchasing an additional 371 shares during the period. Fidelis Capital Partners LLC acquired a new stake in shares of Synovus Financial in the first quarter valued at about $51,000. Headlands Technologies LLC increased its stake in shares of Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after purchasing an additional 298 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Price Performance

Shares of SNV opened at $44.47 on Tuesday. The firm has a 50-day simple moving average of $44.16 and a two-hundred day simple moving average of $40.68. The stock has a market cap of $6.40 billion, a PE ratio of 15.23, a P/E/G ratio of 3.29 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. 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 posted its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $563.60 million during the quarter, compared to the consensus estimate of $543.52 million. During the same quarter last year, the firm earned $1.16 EPS. The firm’s revenue for the quarter was down .7% on a year-over-year basis. As a group, analysts forecast that Synovus Financial Corp. will post 4.21 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be issued a dividend of $0.38 per share. 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 3.42%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Analyst Ratings Changes

SNV has been the subject of several research reports. Piper Sandler boosted their price objective on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Royal Bank of Canada boosted their price target on Synovus Financial from $45.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. DA Davidson raised their price objective on Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods upped their target price on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. Finally, Wells Fargo & Company raised their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $46.81.

Insider Buying and Selling at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is currently 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.