Swiss National Bank Has $9.02 Million Holdings in Synovus Financial Corp. (SNV)
Swiss National Bank boosted its stake in Synovus Financial Corp. (NYSE:SNV) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 203,871 shares of the bank’s stock after purchasing an additional 2,400 shares during the period. Swiss National Bank owned about 0.17% of Synovus Financial Corp. worth $9,019,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the business. Balentine LLC increased its stake in Synovus Financial Corp. by 0.3% in the 1st quarter. Balentine LLC now owns 3,108 shares of the bank’s stock worth $128,000 after purchasing an additional 9 shares during the period. Keel Point LLC increased its stake in Synovus Financial Corp. by 0.3% in the 1st quarter. Keel Point LLC now owns 5,761 shares of the bank’s stock worth $236,000 after purchasing an additional 17 shares during the period. World Asset Management Inc increased its stake in Synovus Financial Corp. by 0.8% in the 1st quarter. World Asset Management Inc now owns 7,570 shares of the bank’s stock worth $311,000 after purchasing an additional 60 shares during the period. Teacher Retirement System of Texas increased its stake in Synovus Financial Corp. by 0.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 9,820 shares of the bank’s stock worth $434,000 after purchasing an additional 84 shares during the period. Finally, Capstone Asset Management Co. increased its stake in Synovus Financial Corp. by 1.1% in the 2nd quarter. Capstone Asset Management Co. now owns 9,040 shares of the bank’s stock worth $400,000 after purchasing an additional 100 shares during the period. 77.89% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on SNV shares. ValuEngine raised Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Zacks Investment Research raised Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, July 19th. Stephens reaffirmed a “buy” rating and issued a $46.00 price target on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Robert W. Baird reaffirmed a “hold” rating and issued a $40.00 price target on shares of Synovus Financial Corp. in a research note on Friday, August 25th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $47.00 price target on shares of Synovus Financial Corp. in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $42.30.
In related news, EVP Curtis J. Perry sold 7,062 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total transaction of $309,739.32. Following the completion of the sale, the executive vice president now directly owns 60,038 shares of the company’s stock, valued at approximately $2,633,266.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin Joseph Howard sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $43.37, for a total value of $303,590.00. Following the sale, the executive vice president now directly owns 46,490 shares of the company’s stock, valued at $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
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Synovus Financial Corp. (NYSE SNV) opened at 43.27 on Thursday. The stock has a market capitalization of $5.26 billion, a PE ratio of 19.65 and a beta of 1.12. The stock’s 50 day moving average price is $42.56 and its 200 day moving average price is $42.34. Synovus Financial Corp. has a 1-year low of $31.41 and a 1-year high of $45.38.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.01. The business had revenue of $319.80 million during the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period last year, the company earned $0.46 EPS. On average, equities research analysts predict that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Thursday, September 21st will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Wednesday, September 20th. Synovus Financial Corp.’s payout ratio is 27.15%.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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