Wolverine Asset Management LLC Buys Shares of 11,430 Synovus Financial Corp. $SNV

Wolverine Asset Management LLC bought a new stake in Synovus Financial Corp. (NYSE:SNV) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 11,430 shares of the bank’s stock, valued at approximately $592,000.

A number of other institutional investors also recently modified their holdings of SNV. AQR Capital Management LLC lifted its holdings in shares of Synovus Financial by 168.2% in the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock valued at $130,546,000 after purchasing an additional 1,791,973 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Synovus Financial by 201.0% in the first quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock valued at $38,363,000 after purchasing an additional 548,092 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Synovus Financial by 125.5% in the first quarter. Millennium Management LLC now owns 646,098 shares of the bank’s stock valued at $30,199,000 after purchasing an additional 359,568 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Synovus Financial by 393.8% in the first quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank’s stock valued at $18,437,000 after purchasing an additional 314,576 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Synovus Financial in the first quarter valued at about $14,294,000. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Raymond James Financial lowered Synovus Financial from a “moderate buy” rating to a “hold” rating in a report on Monday, July 28th. Weiss Ratings lowered Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price target on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. DA Davidson restated a “buy” rating and issued a $63.00 price target on shares of Synovus Financial in a report on Thursday, October 16th. Finally, Keefe, Bruyette & Woods lowered Synovus Financial from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. Eight investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $59.00.

Synovus Financial Stock Performance

SNV opened at $44.65 on Monday. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. The firm has a market capitalization of $6.20 billion, a PE ratio of 8.33, a PEG ratio of 0.77 and a beta of 1.21. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The business’s 50-day simple moving average is $48.77 and its 200 day simple moving average is $48.91.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The business had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. During the same quarter in the prior year, the company posted $1.23 earnings per share. Synovus Financial’s revenue was up 9.0% on a year-over-year basis. As a group, sell-side analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s payout ratio is 29.10%.

Insiders Place Their Bets

In other Synovus Financial news, Director Gregory G. Montana purchased 1,000 shares of the stock in a transaction on Monday, October 20th. The shares were purchased at an average price of $45.37 per share, with a total value of $45,370.00. Following the completion of the transaction, the director directly owned 5,464 shares in the company, valued at $247,901.68. This represents a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by company insiders.

Synovus Financial Profile

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.