Prudential PLC Buys 1,113 Shares of Synovus Financial Corp. $SNV

Prudential PLC grew its stake in Synovus Financial Corp. (NYSE:SNV) by 2.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,081 shares of the bank’s stock after buying an additional 1,113 shares during the period. Prudential PLC’s holdings in Synovus Financial were worth $2,281,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Fifth Third Bancorp increased its stake in Synovus Financial by 4.9% in the second quarter. Fifth Third Bancorp now owns 4,082 shares of the bank’s stock valued at $211,000 after acquiring an additional 189 shares during the last quarter. UMB Bank n.a. grew its position in Synovus Financial by 17.0% during the second quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock valued at $110,000 after acquiring an additional 308 shares during the last quarter. MFA Wealth Advisors LLC lifted its holdings in shares of Synovus Financial by 4.2% in the 2nd quarter. MFA Wealth Advisors LLC now owns 8,066 shares of the bank’s stock worth $417,000 after acquiring an additional 326 shares during the last quarter. US Bancorp DE grew its holdings in shares of Synovus Financial by 2.4% during the 1st quarter. US Bancorp DE now owns 15,665 shares of the bank’s stock valued at $732,000 after purchasing an additional 369 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Synovus Financial by 33.3% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank’s stock valued at $76,000 after buying an additional 406 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Insider Buying and Selling

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of the company’s stock in a transaction dated Monday, October 20th. The shares were purchased at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the acquisition, the director owned 5,464 shares in the company, valued at approximately $247,901.68. This represents a 22.40% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SNV. DA Davidson restated a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a research report on Thursday, October 16th. JPMorgan Chase & Co. lowered their price target on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. Raymond James Financial cut shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, July 28th. Royal Bank Of Canada decreased their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Finally, Barclays increased their target price on shares of Synovus Financial from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, November 11th. Eight research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $58.56.

Synovus Financial Trading Up 3.0%

Shares of SNV opened at $47.05 on Friday. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06. The firm has a market capitalization of $6.53 billion, a price-to-earnings ratio of 8.78, a PEG ratio of 0.77 and a beta of 1.28. The firm’s 50-day moving average price is $47.02 and its 200-day moving average price is $49.13. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping 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 analyst estimates of $604.59 million. During the same period last year, the business posted $1.23 earnings per share. Synovus Financial’s quarterly revenue was up 9.0% compared to the same quarter last year. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were issued a $0.39 dividend. The ex-dividend date was Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.3%. Synovus Financial’s dividend payout ratio is 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.