Castleark Management LLC Cuts Stake in Synovus Financial Corp. (SNV)

Castleark Management LLC decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 3.5% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 372,169 shares of the bank’s stock after selling 13,590 shares during the period. Castleark Management LLC owned approximately 0.31% of Synovus Financial Corp. worth $16,465,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Capital Analysts LLC boosted its stake in shares of Synovus Financial Corp. by 10.3% in the 2nd quarter. Capital Analysts LLC now owns 20,248 shares of the bank’s stock valued at $896,000 after purchasing an additional 1,893 shares in the last quarter. TD Asset Management Inc. boosted its stake in shares of Synovus Financial Corp. by 11.5% in the 2nd quarter. TD Asset Management Inc. now owns 31,135 shares of the bank’s stock valued at $1,377,000 after purchasing an additional 3,200 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in shares of Synovus Financial Corp. by 34.9% in the 1st quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock valued at $317,000 after purchasing an additional 1,998 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Synovus Financial Corp. by 1.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 635,793 shares of the bank’s stock valued at $28,128,000 after purchasing an additional 10,009 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of Synovus Financial Corp. by 9.1% in the 1st quarter. California Public Employees Retirement System now owns 350,057 shares of the bank’s stock valued at $14,359,000 after purchasing an additional 29,100 shares in the last quarter. 77.87% of the stock is owned by institutional investors.

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

Synovus Financial Corp. (NYSE SNV) traded up 0.17% during midday trading on Wednesday, reaching $47.19. 130,812 shares of the company were exchanged. The company has a 50-day moving average of $43.65 and a 200 day moving average of $42.80. The firm has a market capitalization of $5.73 billion, a PE ratio of 22.91 and a beta of 1.10. Synovus Financial Corp. has a 52 week low of $31.41 and a 52 week high of $47.32.

Synovus Financial Corp. (NYSE:SNV) last issued its earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. The firm had revenue of $319.80 million during the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The business’s revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 earnings per share. Equities analysts predict that Synovus Financial Corp. will post $2.47 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 21st were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, September 20th. This represents a $0.60 annualized dividend and a dividend yield of 1.27%. Synovus Financial Corp.’s payout ratio is currently 27.15%.

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SNV has been the subject of a number of research reports. ValuEngine raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Zacks Investment Research cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. Stephens reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. BidaskClub cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $40.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. Synovus Financial Corp. presently has a consensus rating of “Hold” and a consensus price target of $43.30.

Synovus Financial Corp. Company Profile

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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