Procyon Advisors LLC Has $431,000 Stock Position in Synovus Financial Corp. (NYSE:SNV)

Procyon Advisors LLC decreased its position in Synovus Financial Corp. (NYSE:SNV) by 18.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,687 shares of the bank’s stock after selling 2,132 shares during the period. Procyon Advisors LLC’s holdings in Synovus Financial were worth $431,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its holdings in Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after acquiring an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Synovus Financial by 9.3% in the 2nd 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 in the last quarter. Millennium Management LLC raised its holdings in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares in the last quarter. Wedge Capital Management L L P NC raised its holdings in Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after acquiring an additional 148,842 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Synovus Financial by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock valued at $22,053,000 after acquiring an additional 13,690 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s 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 transaction, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is owned by corporate insiders.

Synovus Financial Stock Up 1.7 %

Shares of SNV opened at $47.32 on Wednesday. The firm has a market capitalization of $6.93 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 2.05 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The business’s fifty day moving average price is $43.96 and its two-hundred day moving average price is $41.09. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $48.27.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The firm had revenue of $563.60 million for 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 business’s quarterly revenue was down .7% compared to the same quarter last year. During the same period last year, the company earned $1.16 EPS. On average, analysts predict that Synovus Financial Corp. will post 4.02 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.21%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Barclays increased their target price on Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $48.00 to $46.00 in a report on Tuesday, October 1st. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Finally, Evercore ISI dropped their target price on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.94.

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.