KBC Group NV Trims Stock Holdings in Synovus Financial Corp. $SNV

KBC Group NV lessened its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 82.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,918 shares of the bank’s stock after selling 18,048 shares during the quarter. KBC Group NV’s holdings in Synovus Financial were worth $203,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in shares of Synovus Financial by 168.2% during the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock worth $130,546,000 after purchasing an additional 1,791,973 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock valued at $38,363,000 after buying an additional 548,092 shares during the period. Millennium Management LLC boosted its position in Synovus Financial by 125.5% during the first quarter. Millennium Management LLC now owns 646,098 shares of the bank’s stock worth $30,199,000 after acquiring an additional 359,568 shares during the last quarter. MetLife Investment Management LLC grew its stake in Synovus Financial by 393.8% in the 1st quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank’s stock worth $18,437,000 after acquiring an additional 314,576 shares during the period. Finally, Nuveen LLC purchased a new stake in Synovus Financial in the 1st quarter worth approximately $14,294,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

SNV has been the topic of several analyst reports. DA Davidson restated a “buy” rating and set a $63.00 price objective on shares of Synovus Financial in a report on Thursday, October 16th. Stephens dropped their target price on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. Barclays raised their price target on Synovus Financial from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 11th. Royal Bank Of Canada lowered their price target on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Finally, UBS Group dropped their price objective on shares of Synovus Financial from $53.00 to $49.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.56.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was purchased at an average cost of $45.37 per share, with a total value of $45,370.00. Following the transaction, the director owned 5,464 shares in the company, valued at approximately $247,901.68. This trade represents a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.00% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $45.18 on Wednesday. The firm has a market capitalization of $6.27 billion, a PE ratio of 8.43, a P/E/G ratio of 0.77 and a beta of 1.29. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. The business has a 50-day moving average of $47.35 and a two-hundred day moving average of $49.14.

Synovus Financial (NYSE:SNV) last issued its 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 business had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. During the same quarter in the previous year, the business earned $1.23 EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. As a group, research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is currently 29.10%.

Synovus Financial 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.