Synovus Financial Corp. (NYSE:SNV) Shares Sold by Thomasville National Bank

Thomasville National Bank lowered its position in Synovus Financial Corp. (NYSE:SNV) by 18.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,850 shares of the bank’s stock after selling 4,561 shares during the period. Thomasville National Bank’s holdings in Synovus Financial were worth $795,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Phocas Financial Corp. acquired a new stake in Synovus Financial in the fourth quarter valued at about $7,115,000. New York State Common Retirement Fund increased its stake in shares of Synovus Financial by 346.6% during the 4th quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock worth $21,494,000 after purchasing an additional 443,056 shares in the last quarter. BIP Wealth LLC increased its stake in shares of Synovus Financial by 104.6% during the 4th quarter. BIP Wealth LLC now owns 46,901 shares of the bank’s stock worth $1,766,000 after purchasing an additional 23,978 shares in the last quarter. Eventide Asset Management LLC purchased a new position in shares of Synovus Financial during the 4th quarter worth approximately $968,000. Finally, American Century Companies Inc. increased its stake in shares of Synovus Financial by 46.0% during the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock worth $26,631,000 after purchasing an additional 301,604 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Eli Samaha sold 6,803 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the completion of the sale, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total value of $171,571.66. Following the completion of the sale, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP D Wayne Akins, Jr. acquired 24,500 shares of the stock in a transaction on Friday, June 7th. The stock was bought at an average price of $37.40 per share, with a total value of $916,300.00. Following the transaction, the executive vice president now directly owns 41,884 shares in the company, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Insiders sold 179,712 shares of company stock worth $4,528,878 in the last quarter. 0.81% of the stock is owned by corporate insiders.

Synovus Financial Stock Performance

Shares of SNV stock opened at $36.92 on Friday. The company’s fifty day moving average price is $37.82 and its two-hundred day moving average price is $37.63. The firm has a market capitalization of $5.41 billion, a P/E ratio of 12.64, a P/E/G ratio of 5.02 and a beta of 1.41. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.33 EPS. On average, research analysts anticipate that Synovus Financial Corp. will post 3.82 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Thursday, June 20th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend is Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SNV shares. Wells Fargo & Company dropped their price objective on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Royal Bank of Canada lowered their target price on shares of Synovus Financial from $44.00 to $41.00 and set an “outperform” rating for the company in a research note on Friday, April 19th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $38.00 target price (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. The Goldman Sachs Group lowered their target price on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. Finally, DA Davidson lifted their target price on shares of Synovus Financial from $43.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.50.

Synovus Financial Company 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.