Geode Capital Management LLC Sells 35,673 Shares of Synovus Financial Corp. $SNV

Geode Capital Management LLC cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 1.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,505,305 shares of the bank’s stock after selling 35,673 shares during the period. Geode Capital Management LLC owned approximately 1.80% of Synovus Financial worth $129,669,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SNV. Cerity Partners LLC raised its holdings 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 valued at $1,116,000 after purchasing an additional 8,059 shares during the last quarter. Montgomery Investment Management Inc. grew its position in Synovus Financial by 22.4% in the 1st quarter. Montgomery Investment Management Inc. now owns 51,993 shares of the bank’s stock worth $2,430,000 after purchasing an additional 9,500 shares during the period. Pzena Investment Management LLC raised its stake in Synovus Financial by 1.7% during the 2nd quarter. Pzena Investment Management LLC now owns 680,368 shares of the bank’s stock valued at $35,209,000 after buying an additional 11,521 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in shares of Synovus Financial by 12.0% during the 1st quarter. Raymond James Financial Inc. now owns 146,153 shares of the bank’s stock valued at $6,831,000 after buying an additional 15,629 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Synovus Financial in the 1st quarter worth $668,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analyst Ratings Changes

SNV has been the subject of a number of research reports. Wall Street Zen upgraded Synovus Financial from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Weiss Ratings lowered shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. Barclays boosted their target price on shares of Synovus Financial from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Finally, DA Davidson reiterated a “buy” rating and issued a $63.00 price target on shares of Synovus Financial in a research report on Thursday, October 16th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $58.56.

Insider Buying and Selling

In other Synovus Financial news, Director Gregory G. Montana acquired 1,000 shares of the stock in a transaction dated Monday, October 20th. The shares were 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 directly 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Synovus Financial Trading Up 2.1%

Synovus Financial stock opened at $46.08 on Thursday. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. The firm has a market capitalization of $6.40 billion, a price-to-earnings ratio of 8.60, a P/E/G ratio of 0.77 and a beta of 1.29. The firm has a 50 day moving average of $47.24 and a 200 day moving average of $49.11. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 21.97% and a return on equity of 16.13%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.23 earnings per share. As a group, research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

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

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.