California State Teachers Retirement System lessened its stake in Synovus Financial Corp. (NYSE:SNV) by 9.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 202,441 shares of the bank’s stock after selling 20,690 shares during the quarter. California State Teachers Retirement System owned about 0.17% of Synovus Financial worth $9,324,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNV. Balentine LLC increased its holdings in shares of Synovus Financial by 0.4% in the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after acquiring an additional 12 shares in the last quarter. TLP Group LLC bought a new stake in shares of Synovus Financial in the second quarter worth about $145,000. Advisory Services Network LLC increased its holdings in shares of Synovus Financial by 17.8% in the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after acquiring an additional 519 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Synovus Financial by 16.5% in the second quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock worth $182,000 after acquiring an additional 583 shares in the last quarter. Finally, Alpine Woods Capital Investors LLC bought a new stake in shares of Synovus Financial in the third quarter worth about $207,000. Institutional investors and hedge funds own 77.81% of the company’s stock.
In related news, Director Philip W. Tomlinson sold 1,052 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $48.82, for a total transaction of $51,358.64. Following the completion of the transaction, the director now directly owns 27,139 shares of the company’s stock, valued at $1,324,925.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $46.29, for a total value of $462,900.00. Following the transaction, the executive vice president now directly owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The disclosure for this sale can be found here. Insiders have sold 13,177 shares of company stock valued at $614,367 over the last ninety days. 1.50% of the stock is owned by insiders.
Synovus Financial Corp. (NYSE:SNV) opened at $48.56 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $5,810.00, a PE ratio of 19.58, a PEG ratio of 2.49 and a beta of 1.12. Synovus Financial Corp. has a 52-week low of $37.95 and a 52-week high of $51.09.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.01. The company had revenue of $398.01 million during the quarter, compared to analysts’ expectations of $331.27 million. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. During the same period in the prior year, the firm earned $0.65 earnings per share. research analysts anticipate that Synovus Financial Corp. will post 2.45 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, December 20th. This represents a $0.60 annualized dividend and a dividend yield of 1.24%. Synovus Financial’s dividend payout ratio is currently 24.19%.
Several brokerages have issued reports on SNV. Keefe, Bruyette & Woods restated a “hold” rating and issued a $48.00 price target on shares of Synovus Financial in a report on Thursday, October 19th. Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, September 12th. SunTrust Banks restated a “buy” rating and issued a $51.00 price target on shares of Synovus Financial in a report on Thursday, October 12th. Jefferies Group restated a “hold” rating and issued a $50.00 price target on shares of Synovus Financial in a report on Thursday, October 12th. Finally, ValuEngine downgraded Synovus Financial from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $46.36.
Synovus Financial 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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