Mutual of America Capital Management LLC Cuts Stake in Synovus Financial Corp. $SNV

Mutual of America Capital Management LLC reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 4.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,132 shares of the bank’s stock after selling 3,523 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Synovus Financial were worth $3,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Cerity Partners LLC grew its holdings in Synovus Financial by 50.9% during the 1st quarter. Cerity Partners LLC now owns 23,879 shares of the bank’s stock valued at $1,116,000 after buying an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Synovus Financial in the first quarter valued at $251,000. Jackson Creek Investment Advisors LLC purchased a new position in shares of Synovus Financial in the first quarter valued at $237,000. Tradewinds LLC. purchased a new position in shares of Synovus Financial in the first quarter valued at $351,000. Finally, Stephens Inc. AR purchased a new position in shares of Synovus Financial in the first quarter valued at $310,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 0.5%

NYSE SNV opened at $45.41 on Friday. 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 company has a fifty day moving average of $49.34 and a two-hundred day moving average of $48.54. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of 8.47, a PEG ratio of 0.80 and a beta of 1.21. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping the consensus estimate of $1.36 by $0.10. The company had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. Synovus Financial’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.23 earnings per share. On average, analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Weiss Ratings lowered shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating and cut their target price for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Morgan Stanley raised their target price on shares of Synovus Financial from $58.00 to $61.00 and gave the company an “equal weight” rating in a report on Friday, July 18th. Wells Fargo & Company reissued an “equal weight” rating and issued a $58.00 target price (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Finally, Truist Financial cut their target price on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, October 17th. Eight research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $58.71.

Insiders Place Their Bets

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was acquired at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the transaction, the director owned 5,464 shares in the company, valued at $247,901.68. This trade represents a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin S. Blair acquired 4,040 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average price of $49.40 per share, with a total value of $199,576.00. Following the completion of the acquisition, the chief executive officer directly owned 164,378 shares of the company’s stock, valued at $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 9,040 shares of company stock valued at $438,286 in the last three months. 1.00% of the stock is owned by company insiders.

About Synovus Financial

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.