Synovus Financial Corp. $SNV Shares Acquired by Forum Financial Management LP

Forum Financial Management LP grew its stake in Synovus Financial Corp. (NYSE:SNV) by 9.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 5,454 shares of the bank’s stock after purchasing an additional 488 shares during the period. Forum Financial Management LP’s holdings in Synovus Financial were worth $282,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SNV. Armstrong Advisory Group Inc. acquired a new stake in Synovus Financial during the 2nd quarter worth $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Synovus Financial during the 1st quarter worth $47,000. IFP Advisors Inc boosted its stake in Synovus Financial by 650.4% during the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock worth $60,000 after purchasing an additional 917 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in Synovus Financial during the 2nd quarter worth $60,000. Finally, Spectrum Wealth Counsel LLC acquired a new stake in Synovus Financial during the 1st quarter worth $70,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of SNV opened at $46.07 on Monday. The company has a 50-day simple moving average of $49.28 and a 200-day simple moving average of $48.71. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $6.39 billion, a PE ratio of 8.59, a P/E/G ratio of 0.80 and a beta of 1.21. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.10. The business had revenue of $612.79 million during the quarter, compared to the consensus estimate of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The business’s revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.23 EPS. Equities research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is currently 29.10%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Barclays decreased their price target on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, July 28th. Morgan Stanley increased their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Friday, July 18th. UBS Group cut shares of Synovus Financial from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Weiss Ratings restated a “hold (c+)” rating on shares of Synovus Financial in a research report on Friday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Eight research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Synovus Financial has an average rating of “Hold” and an average target price of $58.71.

Insider Activity at Synovus Financial

In related news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, the chief financial officer directly owned 58,220 shares of the company’s stock, valued at $2,846,958. This trade represents a 3.56% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory G. Montana purchased 1,000 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was bought at an average price of $45.37 per share, with a total value of $45,370.00. Following the acquisition, the director directly owned 5,464 shares in the company, valued at approximately $247,901.68. This represents a 22.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 9,040 shares of company stock worth $438,286. 1.00% of the stock is owned by company insiders.

About Synovus Financial

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.