4,935 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC purchased a new position in Synovus Financial Corp. (NYSE:SNV) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,935 shares of the bank’s stock, valued at approximately $198,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Fifth Third Bancorp increased its stake in shares of Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares during the last quarter. Pitcairn Co. increased its stake in shares of Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after buying an additional 261 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after buying an additional 298 shares during the last quarter. Yousif Capital Management LLC increased its stake in shares of Synovus Financial by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock worth $2,626,000 after buying an additional 360 shares during the last quarter. Finally, Abich Financial Wealth Management LLC increased its stake in Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Insiders Place Their Bets

In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was 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 of the company’s stock, valued at $36,984,953.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was 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 of the company’s stock, valued at $36,984,953.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The disclosure for this sale can be found here. Insiders sold 180,326 shares of company stock valued at $4,557,245 over the last 90 days. 0.81% of the stock is currently owned by company insiders.

Synovus Financial Price Performance

Shares of SNV opened at $43.90 on Friday. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of 15.03, a P/E/G ratio of 3.38 and a beta of 1.40. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $47.83. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The business’s 50-day moving average is $41.78 and its 200-day moving average is $39.27.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same quarter in the prior year, the company posted $1.16 earnings per share. The firm’s revenue was down .7% on a year-over-year basis. Equities research analysts expect that Synovus Financial Corp. will post 4.06 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a yield of 3.46%. Synovus Financial’s payout ratio is currently 52.05%.

Analyst Upgrades and Downgrades

SNV has been the subject of several analyst reports. DA Davidson boosted their price target on shares of Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 19th. Morgan Stanley upped their price target on shares of Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Stephens upped their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. Royal Bank of Canada upped their price target on shares of Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Finally, Wells Fargo & Company upped their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.44.

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.