Sage Mountain Advisors LLC Decreases Stock Position in Synovus Financial Corp. $SNV

Sage Mountain Advisors LLC lessened its stake in Synovus Financial Corp. (NYSE:SNV) by 5.4% in the second quarter, HoldingsChannel reports. The firm owned 5,790 shares of the bank’s stock after selling 331 shares during the period. Sage Mountain Advisors LLC’s holdings in Synovus Financial were worth $300,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Fifth Third Bancorp grew its position in Synovus Financial by 4.9% in the 2nd quarter. Fifth Third Bancorp now owns 4,082 shares of the bank’s stock worth $211,000 after purchasing an additional 189 shares during the period. State of Michigan Retirement System grew its position in Synovus Financial by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 33,804 shares of the bank’s stock worth $1,580,000 after purchasing an additional 300 shares during the period. UMB Bank n.a. grew its position in Synovus Financial by 17.0% in the 2nd quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock worth $110,000 after purchasing an additional 308 shares during the period. Greenleaf Trust grew its position in Synovus Financial by 5.2% in the 1st quarter. Greenleaf Trust now owns 6,425 shares of the bank’s stock worth $300,000 after purchasing an additional 318 shares during the period. Finally, MFA Wealth Advisors LLC grew its position in Synovus Financial by 4.2% in the 2nd quarter. MFA Wealth Advisors LLC now owns 8,066 shares of the bank’s stock worth $417,000 after purchasing an additional 326 shares during the period. Institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on SNV shares. JPMorgan Chase & Co. cut their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Truist Financial cut their price objective on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Raymond James Financial downgraded shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, July 28th. Wells Fargo & Company reissued an “equal weight” rating and set a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Synovus Financial in a research report on Friday. Eight equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $58.71.

Insider Activity at Synovus Financial

In related news, Director Diana M. Murphy purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, July 29th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory G. Montana purchased 1,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was bought at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the purchase, the director owned 5,464 shares in the company, valued at approximately $247,901.68. This represents a 22.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 9,040 shares of company stock worth $438,286 in the last quarter. 1.00% of the stock is owned by company insiders.

Synovus Financial Trading Up 1.4%

Shares of Synovus Financial stock opened at $46.07 on Monday. The company has a market capitalization of $6.39 billion, a P/E ratio of 8.59, a P/E/G ratio of 0.80 and a beta of 1.21. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The company has a fifty day moving average of $49.28 and a 200 day moving average of $48.71. 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 issued its earnings results 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 company had revenue of $612.79 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted $1.23 EPS. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

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

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.