Scotia Capital Inc. bought a new position in Synovus Financial Corp. (NYSE:SNV) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 6,880 shares of the bank’s stock, valued at approximately $241,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Municipal Employees Retirement System of Michigan raised its holdings in Synovus Financial by 1.1% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 29,420 shares of the bank’s stock worth $1,030,000 after acquiring an additional 310 shares during the period. Magnus Financial Group LLC increased its holdings in shares of Synovus Financial by 3.5% during the 2nd quarter. Magnus Financial Group LLC now owns 12,293 shares of the bank’s stock worth $430,000 after purchasing an additional 410 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Synovus Financial by 4.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,429 shares of the bank’s stock worth $365,000 after purchasing an additional 436 shares during the period. Toronto Dominion Bank increased its holdings in shares of Synovus Financial by 23.5% during the 2nd quarter. Toronto Dominion Bank now owns 2,616 shares of the bank’s stock worth $92,000 after purchasing an additional 498 shares during the period. Finally, Crossmark Global Holdings Inc. increased its holdings in shares of Synovus Financial by 5.7% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 12,549 shares of the bank’s stock worth $439,000 after purchasing an additional 678 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.
SNV has been the topic of several research reports. DA Davidson initiated coverage on shares of Synovus Financial in a report on Tuesday, August 20th. They set a “buy” rating and a $41.00 price objective on the stock. Hovde Group upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $40.00 to $42.00 in a report on Tuesday, August 27th. SunTrust Banks dropped their price objective on shares of Synovus Financial from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Raymond James dropped their price objective on shares of Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating on the stock in a report on Tuesday, June 18th. Finally, Royal Bank of Canada initiated coverage on shares of Synovus Financial in a report on Friday, July 12th. They set an “outperform” rating and a $42.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Synovus Financial presently has a consensus rating of “Buy” and a consensus target price of $44.32.
Shares of Synovus Financial stock traded down $0.23 during trading on Wednesday, hitting $36.59. 41,707 shares of the company’s stock traded hands, compared to its average volume of 1,217,292. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.94 and a quick ratio of 0.94. The firm’s fifty day moving average price is $35.97 and its 200 day moving average price is $35.60. Synovus Financial Corp. has a twelve month low of $29.93 and a twelve month high of $48.38. The company has a market cap of $5.81 billion, a PE ratio of 10.06, a PEG ratio of 1.19 and a beta of 1.34.
Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, July 16th. The bank reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.01. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The business had revenue of $487.90 million for the quarter, compared to analyst estimates of $482.13 million. During the same period in the previous year, the business earned $0.92 EPS. The firm’s revenue was up 36.2% on a year-over-year basis. As a group, equities research analysts anticipate that Synovus Financial Corp. will post 4.01 earnings per share for the current year.
The firm also recently announced a — dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, September 18th. This represents a dividend yield of 3.3%. Synovus Financial’s dividend payout ratio (DPR) is currently 32.97%.
Synovus Financial Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
See Also: Stock Portfolio Tracker
Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV).
Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.