Alliancebernstein L.P. trimmed its holdings in Synovus Financial Corp. (NYSE:SNV) by 17.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,871,593 shares of the bank’s stock after selling 393,242 shares during the quarter. Alliancebernstein L.P. owned approximately 1.57% of Synovus Financial worth $89,724,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the stock. ClariVest Asset Management LLC boosted its position in shares of Synovus Financial by 3.4% during the 3rd quarter. ClariVest Asset Management LLC now owns 183,500 shares of the bank’s stock worth $8,452,000 after purchasing an additional 6,100 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Synovus Financial during the 3rd quarter worth $1,549,000. Rhumbline Advisers raised its stake in shares of Synovus Financial by 8.3% during the 3rd quarter. Rhumbline Advisers now owns 233,506 shares of the bank’s stock worth $10,755,000 after buying an additional 17,969 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of Synovus Financial by 7.9% during the 3rd quarter. California Public Employees Retirement System now owns 376,710 shares of the bank’s stock worth $17,351,000 after buying an additional 27,553 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Synovus Financial during the 3rd quarter worth $412,000. Hedge funds and other institutional investors own 81.01% of the company’s stock.
Synovus Financial Corp. (SNV) traded up $0.60 during trading hours on Friday, hitting $52.74. The company had a trading volume of 2,286,908 shares, compared to its average volume of 607,426. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.97 and a quick ratio of 0.97. Synovus Financial Corp. has a fifty-two week low of $37.95 and a fifty-two week high of $53.14. The firm has a market cap of $6,188.04, a price-to-earnings ratio of 24.30, a price-to-earnings-growth ratio of 1.91 and a beta of 1.11.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.05. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The firm had revenue of $339.07 million during the quarter, compared to the consensus estimate of $338.60 million. During the same period in the prior year, the business earned $0.54 EPS. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. analysts anticipate that Synovus Financial Corp. will post 3.41 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.15. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.90%. Synovus Financial’s dividend payout ratio (DPR) is 46.08%.
Synovus Financial declared that its board has approved a stock buyback program on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
SNV has been the subject of several analyst reports. SunTrust Banks reissued a “buy” rating and issued a $54.00 target price on shares of Synovus Financial in a research note on Wednesday, November 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $53.00 price objective on shares of Synovus Financial in a research note on Friday, December 22nd. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Tuesday, December 26th. Barclays boosted their target price on Synovus Financial from $49.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Finally, Robert W. Baird reiterated an “average” rating and set a $47.00 target price on shares of Synovus Financial in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. Synovus Financial has a consensus rating of “Hold” and a consensus price target of $52.08.
In other news, VP Mark G. Holladay sold 5,000 shares of Synovus Financial stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $50.16, for a total transaction of $250,800.00. Following the sale, the vice president now owns 52,063 shares of the company’s stock, valued at approximately $2,611,480.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Allen J. Gula sold 2,450 shares of Synovus Financial stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total value of $123,039.00. Following the sale, the chief operating officer now directly owns 70,111 shares in the company, valued at approximately $3,520,974.42. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
About Synovus Financial
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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