Synovus Financial Corp. $SNV Shares Acquired by Nordea Investment Management AB

Nordea Investment Management AB lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 0.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 281,862 shares of the bank’s stock after buying an additional 778 shares during the period. Nordea Investment Management AB owned approximately 0.20% of Synovus Financial worth $14,668,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cerity Partners LLC boosted its position in shares of Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank’s stock worth $1,116,000 after buying an additional 8,059 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Synovus Financial during the first quarter worth approximately $251,000. Jackson Creek Investment Advisors LLC acquired a new position in shares of Synovus Financial during the first quarter worth approximately $237,000. Tradewinds LLC. acquired a new position in shares of Synovus Financial during the first quarter worth approximately $351,000. Finally, Stephens Inc. AR acquired a new position in shares of Synovus Financial during the first quarter worth approximately $310,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

SNV opened at $45.33 on Monday. The firm has a market cap of $6.29 billion, a PE ratio of 8.46, a P/E/G ratio of 0.81 and a beta of 1.21. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. The business has a fifty day simple moving average of $49.59 and a 200-day simple moving average of $48.47. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.10. The business had revenue of $612.79 million during 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 company’s revenue was up 9.0% compared to the same quarter last year. During the same period last year, the company posted $1.23 EPS. As a group, equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.4%. Synovus Financial’s dividend payout ratio (DPR) is currently 29.10%.

Insider Buying and Selling

In related news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The stock was 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 in the company, valued at $2,846,958. The trade was a 3.56% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Diana M. Murphy bought 1,000 shares of the business’s stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the purchase, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 8,040 shares of company stock valued at $392,916. 1.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SNV shares. Royal Bank Of Canada reduced their price objective on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday. UBS Group downgraded Synovus Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $63.00 to $56.00 in a research report on Tuesday, September 2nd. Stephens cut their target price on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research report on Friday. Wells Fargo & Company restated an “equal weight” rating and issued a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. cut their target price on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Eight analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target 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.