Synovus Financial Corp. $SNV Shares Sold by KBC Group NV

KBC Group NV decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 82.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,918 shares of the bank’s stock after selling 18,048 shares during the quarter. KBC Group NV’s holdings in Synovus Financial were worth $203,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Cerity Partners LLC grew its holdings in shares of Synovus Financial by 50.9% during the 1st quarter. Cerity Partners LLC now owns 23,879 shares of the bank’s stock worth $1,116,000 after purchasing an additional 8,059 shares during the period. Y Intercept Hong Kong Ltd grew its stake in shares of Synovus Financial by 345.6% in the first quarter. Y Intercept Hong Kong Ltd now owns 22,828 shares of the bank’s stock worth $1,067,000 after acquiring an additional 17,705 shares in the last quarter. Dorsey Wright & Associates acquired a new position in Synovus Financial during the 1st quarter worth $245,000. Montgomery Investment Management Inc. grew its position in shares of Synovus Financial by 22.4% during the first quarter. Montgomery Investment Management Inc. now owns 51,993 shares of the bank’s stock worth $2,430,000 after buying an additional 9,500 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in shares of Synovus Financial by 70.8% in the 1st 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 last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

Shares of SNV stock opened at $45.18 on Wednesday. The stock has a fifty day moving average price of $47.35 and a 200 day moving average price of $49.14. 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 stock has a market cap of $6.27 billion, a PE ratio of 8.43, a P/E/G ratio of 0.77 and a beta of 1.29. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $61.06.

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

Synovus Financial Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.5%. Synovus Financial’s payout ratio is presently 29.10%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. UBS Group lowered their price objective on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $58.00 price objective (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Truist Financial dropped their price objective on shares of 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 cut Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods cut Synovus Financial from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $65.00 to $50.00 in a research report on Tuesday, August 12th. Eight analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.