Synovus Financial Corp. $SNV Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC decreased its position in Synovus Financial Corp. (NYSE:SNV) by 78.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,981 shares of the bank’s stock after selling 115,528 shares during the quarter. SG Americas Securities LLC’s holdings in Synovus Financial were worth $1,570,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. McIlrath & Eck LLC boosted its stake in shares of Synovus Financial by 664.8% in the third quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock valued at $27,000 after purchasing an additional 472 shares during the period. Elevation Point Wealth Partners LLC purchased a new stake in Synovus Financial during the 2nd quarter worth $31,000. Armstrong Advisory Group Inc. acquired a new position in Synovus Financial in the 2nd quarter worth $41,000. True Wealth Design LLC boosted its position in Synovus Financial by 1,817.8% in the 3rd quarter. True Wealth Design LLC now owns 863 shares of the bank’s stock valued at $42,000 after buying an additional 818 shares during the last quarter. Finally, Tripletail Wealth Management LLC purchased a new position in Synovus Financial in the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Insider Buying and Selling at Synovus Financial

In related news, Director Gregory G. Montana acquired 1,000 shares of the stock in a transaction that occurred on Monday, October 20th. The stock was purchased at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the purchase, 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.00% of the company’s stock.

Synovus Financial Price Performance

Shares of SNV opened at $50.51 on Friday. The firm has a market cap of $7.01 billion, a price-to-earnings ratio of 9.42, a PEG ratio of 0.88 and a beta of 1.21. The stock has a 50 day moving average of $49.80 and a 200-day moving average of $49.81. 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 Corp. has a 52 week low of $35.94 and a 52 week high of $61.06.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating 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 period in the prior year, the company posted $1.23 EPS. The business’s revenue was up 9.0% compared to the same quarter last year. As a group, analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 24th. Stockholders of record on Thursday, December 18th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Thursday, December 18th. Synovus Financial’s dividend payout ratio is presently 29.10%.

Wall Street Analyst Weigh In

Several research firms recently commented on SNV. Truist Financial cut their price target on Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Weiss Ratings downgraded Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. UBS Group cut their target price on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. DA Davidson reissued a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a research report on Thursday, October 16th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $58.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $58.38.

Synovus Financial Company Profile

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.