EMC Capital Management Sells 6,205 Shares of Synovus Financial Corp. $SNV

EMC Capital Management reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 64.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,427 shares of the bank’s stock after selling 6,205 shares during the quarter. EMC Capital Management’s holdings in Synovus Financial were worth $177,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Cerity Partners LLC raised its stake in shares of Synovus Financial by 50.9% in the 1st quarter. Cerity Partners LLC now owns 23,879 shares of the bank’s stock valued at $1,116,000 after acquiring an additional 8,059 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its position in Synovus Financial by 345.6% during the first quarter. Y Intercept Hong Kong Ltd now owns 22,828 shares of the bank’s stock worth $1,067,000 after purchasing an additional 17,705 shares during the period. Dorsey Wright & Associates acquired a new position in Synovus Financial during the first quarter valued at approximately $245,000. Montgomery Investment Management Inc. raised its position in shares of Synovus Financial by 22.4% in the first quarter. Montgomery Investment Management Inc. now owns 51,993 shares of the bank’s stock valued at $2,430,000 after purchasing an additional 9,500 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of Synovus Financial by 70.8% in the first quarter. Cetera Investment Advisers now owns 11,933 shares of the bank’s stock valued at $558,000 after purchasing an additional 4,948 shares during the period. Institutional investors own 83.85% of the company’s stock.

Insider Activity

In other news, Director Gregory G. Montana bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the purchase, the director owned 5,464 shares of the company’s stock, valued at $247,901.68. This trade represents a 22.40% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SNV. Raymond James Financial downgraded shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a report on Monday, July 28th. Wall Street Zen upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Barclays raised their price target on Synovus Financial from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Wells Fargo & Company reissued an “equal weight” rating and set a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods downgraded Synovus Financial from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. Eight research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial currently has an average rating of “Hold” and a consensus target price of $58.56.

Synovus Financial Stock Performance

NYSE SNV opened at $45.18 on Wednesday. The company’s fifty day moving average is $47.35 and its two-hundred day moving average is $49.14. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of 8.43, a P/E/G ratio of 0.77 and a beta of 1.29.

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

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is presently 29.10%.

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.