Goldman Sachs Group Inc. decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 35.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,118,663 shares of the bank’s stock after selling 624,795 shares during the period. Goldman Sachs Group Inc.’s holdings in Synovus Financial were worth $43,851,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Toronto Dominion Bank raised its stake in Synovus Financial by 12.8% during the 4th quarter. Toronto Dominion Bank now owns 2,841 shares of the bank’s stock worth $111,000 after acquiring an additional 322 shares during the period. Barnett & Company Inc. raised its stake in Synovus Financial by 43.4% during the 4th quarter. Barnett & Company Inc. now owns 1,468 shares of the bank’s stock worth $58,000 after acquiring an additional 444 shares during the period. Rafferty Asset Management LLC raised its stake in Synovus Financial by 2.0% during the 4th quarter. Rafferty Asset Management LLC now owns 30,394 shares of the bank’s stock worth $1,191,000 after acquiring an additional 610 shares during the period. Huntington National Bank bought a new stake in Synovus Financial during the 4th quarter worth approximately $39,000. Finally, Chevy Chase Trust Holdings Inc. bought a new stake in Synovus Financial during the 4th quarter worth approximately $44,000. Institutional investors own 81.01% of the company’s stock.
In other Synovus Financial news, Director Stephen T. Butler purchased 2,120 shares of Synovus Financial stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average price of $23.73 per share, for a total transaction of $50,307.60. Following the completion of the transaction, the director now owns 112,302 shares of the company’s stock, valued at approximately $2,664,926.46. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew J. Jr. Gregory purchased 5,000 shares of Synovus Financial stock in a transaction that occurred on Thursday, March 5th. The stock was acquired at an average price of $26.86 per share, for a total transaction of $134,300.00. Following the transaction, the chief financial officer now directly owns 27,423 shares of the company’s stock, valued at approximately $736,581.78. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.
Several research firms have recently issued reports on SNV. Morgan Stanley reduced their price objective on shares of Synovus Financial from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 17th. Raymond James cut shares of Synovus Financial from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the company from $46.00 to $41.00 in a research report on Monday, January 27th. Robert W. Baird reduced their price objective on shares of Synovus Financial from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, January 27th. DA Davidson reduced their price objective on shares of Synovus Financial from to and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Finally, SunTrust Banks reduced their price objective on shares of Synovus Financial to in a research report on Monday, January 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. Synovus Financial currently has a consensus rating of “Buy” and an average target price of $39.33.
Synovus Financial stock opened at $15.61 on Thursday. The stock has a market cap of $2.33 billion, a P/E ratio of 4.07, a PEG ratio of 0.62 and a beta of 1.43. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.95 and a quick ratio of 0.94. Synovus Financial Corp. has a 1 year low of $10.91 and a 1 year high of $40.32. The firm’s 50 day moving average price is $28.02 and its 200-day moving average price is $34.79.
Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Friday, January 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.03). Synovus Financial had a net margin of 23.43% and a return on equity of 14.09%. The company had revenue of $498.00 million for the quarter, compared to the consensus estimate of $484.72 million. During the same quarter in the previous year, the business earned $0.92 EPS. The company’s quarterly revenue was up 36.0% on a year-over-year basis. As a group, equities analysts expect that Synovus Financial Corp. will post 3.21 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 9th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 8.46%. The ex-dividend date of this dividend is Friday, March 6th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.30. Synovus Financial’s payout ratio is currently 33.85%.
Synovus Financial Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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