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Manufacturers’ Life Insurance Company lowered its stock position in Synovus Financial Corporation (NYSE: SNV – Get Rating) by 6.5% in the third quarter, according to its latest Form 13F filing with the Securities and Exchange Commission. The fund owned 1,306,372 shares of the bank’s stock after selling 91,260 shares during the period. Manufacturers’ Life Insurance Company owned his 0.90% of Synovus Financial, valued at $49,002,000, as of the latest filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of SNV. Barclays PLC increased his stake in Synovus Financial by 9.3% in the third quarter. Barclays PLC now owns 99,313 bank shares worth $3,726,000 after purchasing an additional 8,442 of his shares last quarter. Salzauer Michael increased his stake in Synovus Financial by 35.6% in the third quarter. Salzhauer Michael now owns 286,192 bank shares worth $10,736,000 after he purchased an additional 75,198 shares last quarter. Los Angeles Capital Management LLC increased his Synovus Financial stake by 34.6% in the third quarter. Los Angeles Capital Management LLC owns 198,741 shares of the bank worth $7,455,000 after purchasing an additional 51,034 shares in the previous quarter. Victory Capital Management Inc. increased its stake in Synovus Financial by 6.8% in the third quarter. Victory Capital Management Inc. now owns 1,728,438 bank shares worth $64,833,000 after acquiring an additional 109,729 shares during this period. Finally, the Oregon Public Employees Retirement Fund increased its stake in Synovus Financial shares by 1.5% in the third quarter. The Oregon Public Employee Retirement Fund now owns 42,388 shares of bank stock valued at $1,590,000 after acquiring an additional 620 shares during this period. Hedge funds and other institutional investors own 79.89% of the company’s shares.
Analyst Rating Change
SNVs have been the topic of many research reports. Morgan Stanley began coverage of Synovus Financial shares in a research note on Monday, Dec. 5. They issued an “equal weight” rating and a price target of $44.00. JPMorgan Chase & Co. lowered its target price on Synovus Financial shares from $45.00 to $43.00 and set an “overweight” rating in its research notes on Tuesday, Dec. 13. Wells Fargo & Company lowered its price target for Synovus Financial shares to $55.00 from his $60.00 in a research note on Friday, Oct. 21, giving the stock an “overweight” rating. TheStreet upgraded Synovus Financial’s stock from a ‘c+’ rating to a ‘b’ rating in a report on Friday, November 4. Finally, StockNews.com kicked off his coverage of Synovus Financial’s shares in his Wednesday Oct. 12 report. They put a “Hold” rating on the stock. Three investment analysts rated the stock with a hold rating and six assigned a buy rating to the company. According to MarketBeat.com data, the company’s current consensus rating is “moderate buy” with a consensus target price of $47.40.
Insider Trading at Synovus Financial
In other news, EVP Allan E. Kamensky sold 663 shares in the company in a transaction that took place on Monday, November 14th. The shares sold for an average of $43.80, and the total transaction value he had was $29,039.40. Following the closing of the sale, the Executive Vice President now owns 5,090 shares of the company, valued at approximately $222,942. The sale was disclosed in legal filings with the U.S. Securities and Exchange Commission, which can be accessed at this link. The insider owns his 1.55% stake in the company.
Synovus Financial’s stock performance
SNV opened Friday at $39.38. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt to equity ratio of 1.04. The company has a market capitalization of $5.73 billion, a price/earnings ratio of 7.96, a PEG ratio of 6.13 and a beta of 1.35. Synovus Financial Corp. has a 52-week low of $34.15 and a 52-week high of $54.40. The company’s 50-day simple moving average is $39.20 and its 200-day simple moving average is $39.59.
Synovus Financial (NYSE:SNV – Get Rating) last reported quarterly results on Thursday, Oct. 20. The bank posted earnings per share of $1.34 for him in the quarter, beating consensus expectations of $1.28 by $0.06. The company’s revenue for the quarter was $582.22 million, compared to the consensus forecast of $570.52 million. Synovus Financial had a net profit margin of 30.50% and a return on equity of 18.93%. For the same period last year, the company posted his $1.20 earnings per share. Equity analysts expect Synovus Financial Corp. to post his 5.16 earnings per share for the current financial year.
Synovus Financial Announces Dividend
The business recently announced its quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15 were awarded a dividend of $0.34 per share. The ex-dividend date for this dividend was December 14 (Wednesday). This represents his $1.36 dividend and his 3.45% dividend yield on an annualized basis. Synovus Financial’s dividend payout ratio is currently 27.47%.
Synovus financial profile
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Synovus Financial Corp. is a bank holding company engaged in the provision of financial services. The company operates through its Community Banking, Wholesale Banking, and Financial Management Services (FMS) segments. The Community Banking business segment serves customers using a relationship-based approach through mobile, internet and telephone banking as well as branch, ATM, commercial and private wealth networks.
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