MQS Management LLC Grows Stock Position in Synovus Financial Corp. $SNV

MQS Management LLC increased its stake in Synovus Financial Corp. (NYSE:SNV) by 48.0% in the second quarter, HoldingsChannel reports. The fund owned 8,046 shares of the bank’s stock after purchasing an additional 2,609 shares during the period. MQS Management LLC’s holdings in Synovus Financial were worth $416,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC grew its position in Synovus Financial by 37.5% during the 1st quarter. GAMMA Investing LLC now owns 5,368 shares of the bank’s stock worth $251,000 after acquiring an additional 1,465 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Synovus Financial in the first quarter worth approximately $251,000. KBC Group NV increased its stake in shares of Synovus Financial by 265.2% in the first quarter. KBC Group NV now owns 21,966 shares of the bank’s stock worth $1,027,000 after buying an additional 15,952 shares during the period. Teacher Retirement System of Texas increased its stake in shares of Synovus Financial by 13.3% in the first quarter. Teacher Retirement System of Texas now owns 40,792 shares of the bank’s stock worth $1,907,000 after buying an additional 4,783 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. raised its holdings in Synovus Financial by 3.2% during the 1st quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 106,755 shares of the bank’s stock valued at $4,990,000 after buying an additional 3,275 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Up 1.4%

SNV stock opened at $46.07 on Monday. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 8.59, a price-to-earnings-growth ratio of 0.80 and a beta of 1.21. The business’s 50 day moving average price is $49.28 and its two-hundred day moving average price is $48.71. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.10. The company had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm’s revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 earnings per share. As a group, 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. Stockholders of record on Thursday, September 18th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s payout ratio is 29.10%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy acquired 1,000 shares of the business’s stock in a transaction on Tuesday, July 29th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the acquisition, the director owned 40,171 shares in the company, valued at $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the firm’s stock in a transaction on Tuesday, July 29th. The shares were acquired at an average cost of $48.90 per share, with a total value of $97,800.00. Following the purchase, the chief financial officer directly owned 58,220 shares of the company’s stock, valued at approximately $2,846,958. This represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Insiders bought 9,040 shares of company stock valued at $438,286 over the last 90 days. 1.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Stephens cut their price target on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. UBS Group downgraded Synovus Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $63.00 to $56.00 in a report on Tuesday, September 2nd. DA Davidson reaffirmed a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a research report on Thursday, October 16th. Morgan Stanley lifted their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. decreased their target price on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $58.71.

Synovus Financial Company 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.