Federated Hermes Inc. Sells 2,577 Shares of Synovus Financial Corp. (NYSE:SNV)

Federated Hermes Inc. lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 8.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,688 shares of the bank’s stock after selling 2,577 shares during the quarter. Federated Hermes Inc.’s holdings in Synovus Financial were worth $1,193,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Fifth Third Bancorp raised its holdings in Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after buying an additional 245 shares during the last quarter. Pitcairn Co. raised its holdings in Synovus Financial by 2.3% during the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after purchasing an additional 261 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after purchasing an additional 298 shares during the last quarter. Hanseatic Management Services Inc. raised its holdings in Synovus Financial by 2.6% during the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock worth $478,000 after purchasing an additional 303 shares during the last quarter. Finally, Abich Financial Wealth Management LLC raised its holdings in Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Analyst Ratings Changes

SNV has been the subject of several analyst reports. Wells Fargo & Company raised their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Barclays raised their price target on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Jefferies Financial Group raised their price target on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.81.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial 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 transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.81% of the company’s stock.

Synovus Financial Stock Performance

NYSE SNV opened at $45.00 on Friday. The company has a fifty day simple moving average of $44.30 and a 200 day simple moving average of $40.48. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $47.83. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The company has a market cap of $6.59 billion, a P/E ratio of 15.41, a PEG ratio of 3.50 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The firm had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.16 EPS. Sell-side analysts predict that Synovus Financial Corp. will post 4.05 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Thursday, September 19th. Synovus Financial’s dividend payout ratio is 52.05%.

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.