Alliancebernstein L.P. Grows Position in Synovus Financial Corp. (SNV)

Alliancebernstein L.P. lifted its position in Synovus Financial Corp. (NYSE:SNV) by 2.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,311,113 shares of the bank’s stock after acquiring an additional 49,041 shares during the period. Alliancebernstein L.P. owned 1.90% of Synovus Financial Corp. worth $102,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Balentine LLC increased its position in shares of Synovus Financial Corp. by 0.3% in the 1st quarter. Balentine LLC now owns 3,108 shares of the bank’s stock valued at $128,000 after acquiring an additional 9 shares during the period. Meeder Asset Management Inc. acquired a new stake in Synovus Financial Corp. during the 1st quarter worth about $135,000. PNC Financial Services Group Inc. grew its position in Synovus Financial Corp. by 21.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after purchasing an additional 622 shares during the period. Neuburgh Advisers LLC grew its position in Synovus Financial Corp. by 14.0% during the 1st quarter. Neuburgh Advisers LLC now owns 4,704 shares of the bank’s stock worth $193,000 after purchasing an additional 576 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Synovus Financial Corp. by 11.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock worth $204,000 after purchasing an additional 474 shares during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

In other Synovus Financial Corp. news, EVP Kevin Joseph Howard sold 7,000 shares of the company’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $43.37, for a total transaction of $303,590.00. Following the transaction, the executive vice president now directly owns 46,490 shares in the company, valued at $2,016,271.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Curtis J. Perry sold 7,062 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $43.86, for a total transaction of $309,739.32. Following the transaction, the executive vice president now owns 60,038 shares in the company, valued at $2,633,266.68. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Synovus Financial Corp. (NYSE SNV) opened at 41.78 on Monday. Synovus Financial Corp. has a 52 week low of $31.41 and a 52 week high of $45.38. The company has a 50-day moving average of $42.60 and a 200-day moving average of $42.34. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of 18.97 and a beta of 1.12.

Synovus Financial Corp. (NYSE:SNV) last issued its earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The company had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. During the same period in the prior year, the business posted $0.46 earnings per share. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. Analysts anticipate that Synovus Financial Corp. will post $2.46 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Thursday, September 21st will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.46%. Synovus Financial Corp.’s payout ratio is currently 27.15%.

Several equities research analysts have weighed in on SNV shares. ValuEngine raised Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Stephens reaffirmed a “buy” rating and set a $46.00 price target on shares of Synovus Financial Corp. in a research report on Wednesday, July 19th. Zacks Investment Research raised Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, July 19th. Barclays PLC reaffirmed an “equal weight” rating and set a $46.00 price target (up from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Finally, BidaskClub downgraded Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. Synovus Financial Corp. currently has a consensus rating of “Hold” and a consensus target price of $42.50.

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About Synovus Financial Corp.

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

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Institutional Ownership by Quarter for Synovus Financial Corp. (NYSE:SNV)

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