UMB Bank n.a. Acquires 348 Shares of Synovus Financial Corp. (NYSE:SNV)

UMB Bank n.a. lifted its stake in Synovus Financial Corp. (NYSE:SNV) by 87.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 747 shares of the bank’s stock after buying an additional 348 shares during the quarter. UMB Bank n.a.’s holdings in Synovus Financial were worth $33,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Nordea Investment Management AB lifted its stake in shares of Synovus Financial by 24.5% in the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after purchasing an additional 64,621 shares during the last quarter. &PARTNERS purchased a new stake in shares of Synovus Financial during the 2nd quarter worth $284,000. Texas Permanent School Fund Corp lifted its position in shares of Synovus Financial by 19.6% during the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after buying an additional 25,028 shares during the last quarter. Private Capital Management LLC boosted its stake in Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after acquiring an additional 21,456 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Synovus Financial by 92.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock worth $1,852,000 after purchasing an additional 22,621 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SNV shares. Jefferies Financial Group upped their target price on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Wells Fargo & Company lowered shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Keefe, Bruyette & Woods boosted their price target 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. Evercore ISI reduced 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. Finally, Barclays increased their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned 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 target price of $47.94.

Synovus Financial Stock Performance

NYSE:SNV opened at $47.32 on Wednesday. The firm has a market capitalization of $6.93 billion, a PE ratio of 16.21, a PEG ratio of 2.05 and a beta of 1.38. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. Synovus Financial Corp. has a 1 year low of $24.40 and a 1 year high of $48.27. The firm’s fifty day simple moving average is $43.96 and its 200 day simple moving average is $41.09.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter in the prior year, the company posted $1.16 EPS. The business’s revenue was down .7% on a year-over-year basis. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.02 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Insider Buying and Selling

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 transaction 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 $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is owned by 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.