Savant Capital LLC Cuts Stake in Synovus Financial Corp. $SNV

Savant Capital LLC reduced its position in Synovus Financial Corp. (NYSE:SNV) by 76.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,548 shares of the bank’s stock after selling 44,654 shares during the quarter. Savant Capital LLC’s holdings in Synovus Financial were worth $701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp increased its stake 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 acquiring an additional 189 shares during the last quarter. UMB Bank n.a. raised 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. MFA Wealth Advisors LLC lifted its stake in Synovus Financial by 4.2% in the second 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 last quarter. US Bancorp DE boosted its position in Synovus Financial by 2.4% during the first quarter. US Bancorp DE now owns 15,665 shares of the bank’s stock valued at $732,000 after buying an additional 369 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in Synovus Financial by 33.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank’s stock worth $76,000 after acquiring an additional 406 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana purchased 1,000 shares of the company’s stock in a transaction dated Monday, October 20th. The shares were acquired at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the purchase, the director owned 5,464 shares of the company’s stock, valued at approximately $247,901.68. The trade was a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by insiders.

Synovus Financial Stock Performance

NYSE SNV opened at $46.78 on Friday. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The company has a market cap of $6.49 billion, a P/E ratio of 8.73, a P/E/G ratio of 0.77 and a beta of 1.28. 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 business’s 50 day moving average price is $47.62 and its 200-day moving average price is $49.06.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. During the same period last year, the company earned $1.23 EPS. Synovus Financial’s quarterly revenue was up 9.0% compared to the same quarter last year. Sell-side 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. Investors of record on Thursday, September 18th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s payout ratio is 29.10%.

Wall Street Analyst Weigh In

SNV has been the subject of a number of recent analyst reports. Truist Financial decreased their target price on Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, October 17th. Raymond James Financial cut shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a research note on Monday, July 28th. Morgan Stanley lifted their target price on Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Friday, July 18th. Keefe, Bruyette & Woods cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Finally, Weiss Ratings downgraded Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $58.56.

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.