Rafferty Asset Management LLC Has $8.27 Million Position in Synovus Financial Corp. (NYSE:SNV)

Rafferty Asset Management LLC cut its holdings in Synovus Financial Corp. (NYSE:SNV) by 8.3% in the third quarter, HoldingsChannel reports. The firm owned 188,440 shares of the bank’s stock after selling 17,126 shares during the period. Rafferty Asset Management LLC’s holdings in Synovus Financial were worth $8,271,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SNV. Vanguard Group Inc. raised its position in Synovus Financial by 2.3% in the second quarter. Vanguard Group Inc. now owns 13,670,724 shares of the bank’s stock worth $599,871,000 after purchasing an additional 309,710 shares in the last quarter. State Street Corp increased its holdings in shares of Synovus Financial by 3.8% during the second quarter. State Street Corp now owns 6,418,111 shares of the bank’s stock worth $283,860,000 after buying an additional 235,353 shares in the last quarter. FMR LLC increased its holdings in shares of Synovus Financial by 18.7% during the second quarter. FMR LLC now owns 2,969,975 shares of the bank’s stock worth $130,323,000 after buying an additional 467,699 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Synovus Financial by 6.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,738,179 shares of the bank’s stock worth $120,152,000 after buying an additional 176,921 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Synovus Financial by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,898,962 shares of the bank’s stock valued at $83,326,000 after purchasing an additional 36,271 shares in the last quarter. Institutional investors own 76.95% of the company’s stock.

Shares of Synovus Financial stock opened at $53.66 on Friday. The company has a 50 day moving average of $48.50 and a 200-day moving average of $45.28. Synovus Financial Corp. has a 1-year low of $35.44 and a 1-year high of $53.70. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.26. The company has a market cap of $7.81 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 0.55 and a beta of 1.53.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Monday, October 18th. The bank reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.13. Synovus Financial had a net margin of 33.57% and a return on equity of 15.49%. The company had revenue of $499.87 million during the quarter, compared to the consensus estimate of $491.33 million. During the same quarter in the prior year, the firm posted $0.89 EPS. Research analysts forecast that Synovus Financial Corp. will post 4.66 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, January 3rd. Stockholders of record on Thursday, December 16th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend was Wednesday, December 15th. Synovus Financial’s dividend payout ratio (DPR) is presently 29.01%.

In related news, Chairman Kessel D. Stelling sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 4th. The shares were sold at an average price of $49.74, for a total transaction of $2,487,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark G. Holladay sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, November 1st. The stock was sold at an average price of $47.13, for a total transaction of $70,695.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 123,992 shares of company stock valued at $6,065,195. 1.11% of the stock is owned by corporate insiders.

A number of analysts recently weighed in on SNV shares. Stephens raised their price target on shares of Synovus Financial from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, October 20th. Raymond James raised their price objective on shares of Synovus Financial from $54.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, November 4th. Royal Bank of Canada lifted their price target on shares of Synovus Financial from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 20th. Morgan Stanley lifted their price target on shares of Synovus Financial from $60.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, December 6th. Finally, JPMorgan Chase & Co. upgraded shares of Synovus Financial from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $53.00 to $56.00 in a report on Wednesday, December 15th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $56.44.

Synovus Financial Company Profile

Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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