Salem Investment Counselors Inc. reduced its position in shares of Synovus Financial Corp. (NYSE:SNV) by 43.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,620 shares of the bank’s stock after selling 60,752 shares during the period. Salem Investment Counselors Inc. owned approximately 0.07% of Synovus Financial worth $3,865,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. Carillon Tower Advisers Inc. purchased a new position in Synovus Financial in the 4th quarter worth about $107,998,000. Eagle Asset Management Inc. increased its stake in Synovus Financial by 25.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock worth $156,270,000 after purchasing an additional 671,971 shares in the last quarter. APG Asset Management N.V. increased its stake in Synovus Financial by 1,642.6% in the 4th quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock worth $17,462,000 after purchasing an additional 412,300 shares in the last quarter. EJF Capital LLC increased its stake in Synovus Financial by 50.0% in the 3rd quarter. EJF Capital LLC now owns 900,002 shares of the bank’s stock worth $41,454,000 after purchasing an additional 300,000 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in Synovus Financial by 65.2% in the 4th quarter. Deutsche Bank AG now owns 739,948 shares of the bank’s stock worth $35,470,000 after purchasing an additional 291,904 shares in the last quarter. 81.01% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on SNV. Morgan Stanley raised Synovus Financial from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $51.67 to $52.00 in a research note on Wednesday, March 7th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $55.00 price target on shares of Synovus Financial in a research note on Tuesday, February 27th. Zacks Investment Research cut Synovus Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Barclays lifted their price target on Synovus Financial from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. Finally, Stephens reissued a “buy” rating and issued a $56.00 price target on shares of Synovus Financial in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $52.08.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.05. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The firm had revenue of $339.07 million during the quarter, compared to analyst estimates of $338.60 million. During the same period last year, the company posted $0.54 EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. equities analysts predict that Synovus Financial Corp. will post 3.41 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.15. This represents a $1.00 dividend on an annualized basis and a yield of 1.93%. Synovus Financial’s dividend payout ratio (DPR) is presently 46.08%.
Synovus Financial announced that its Board of Directors has initiated a stock buyback plan on Tuesday, January 23rd that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other news, COO Allen J. Gula sold 2,450 shares of Synovus Financial stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.22, for a total transaction of $123,039.00. Following the completion of the sale, the chief operating officer now directly owns 70,111 shares in the company, valued at approximately $3,520,974.42. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Mark G. Holladay sold 5,000 shares of Synovus Financial stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.16, for a total value of $250,800.00. Following the sale, the vice president now owns 52,063 shares of the company’s stock, valued at $2,611,480.08. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
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Synovus Financial 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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