Bank of New York Mellon Corp Grows Stock Holdings in Synovus Financial Corp. $SNV

Bank of New York Mellon Corp raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,586,599 shares of the bank’s stock after purchasing an additional 8,759 shares during the period. Bank of New York Mellon Corp’s holdings in Synovus Financial were worth $82,107,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Armstrong Advisory Group Inc. bought a new position in shares of Synovus Financial in the 2nd quarter worth approximately $41,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Synovus Financial during the first quarter valued at approximately $47,000. IFP Advisors Inc grew its stake in Synovus Financial by 650.4% in the second 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. bought a new position in Synovus Financial in the second quarter worth $60,000. Finally, Spectrum Wealth Counsel LLC bought a new position in Synovus Financial in the first quarter worth $70,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Performance

Shares of SNV opened at $45.47 on Friday. The firm has a market capitalization of $6.31 billion, a P/E ratio of 8.48, a PEG ratio of 0.77 and a beta of 1.28. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The business has a fifty day moving average of $48.17 and a 200 day moving average of $48.99.

Synovus Financial (NYSE:SNV) last announced its 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 net margin of 21.97% and a return on equity of 16.13%. The company had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. During the same period in the previous year, the business posted $1.23 earnings per share. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current 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 issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.4%. Synovus Financial’s dividend payout ratio (DPR) is currently 29.10%.

Insider Buying and Selling

In other Synovus Financial 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 purchased at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNV. Wall Street Zen upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Wells Fargo & Company restated an “equal weight” rating and issued a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Weiss Ratings lowered shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Barclays dropped their price target on Synovus Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, July 28th. Finally, Raymond James Financial lowered Synovus Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, July 28th. Eight equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, Synovus Financial has an average rating of “Hold” and an average target price of $58.56.

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.