Paloma Partners Management Co bought a new stake in Synovus Financial Corp. (NYSE:SNV) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 30,400 shares of the bank’s stock, valued at approximately $1,606,000.
Several other institutional investors also recently modified their holdings of SNV. Millennium Management LLC raised its stake in shares of Synovus Financial by 70.6% in the 1st quarter. Millennium Management LLC now owns 3,589,308 shares of the bank’s stock valued at $179,250,000 after purchasing an additional 1,485,871 shares in the last quarter. BlackRock Inc. raised its stake in shares of Synovus Financial by 11.3% in the 2nd quarter. BlackRock Inc. now owns 11,945,202 shares of the bank’s stock valued at $631,066,000 after purchasing an additional 1,210,436 shares in the last quarter. Carillon Tower Advisers Inc. raised its stake in shares of Synovus Financial by 52.3% in the 2nd quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock valued at $132,245,000 after purchasing an additional 891,789 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Synovus Financial by 4,195.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 582,905 shares of the bank’s stock valued at $30,796,000 after buying an additional 569,336 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Synovus Financial by 101.1% during the 2nd quarter. First Trust Advisors LP now owns 1,057,997 shares of the bank’s stock valued at $55,894,000 after buying an additional 531,793 shares during the last quarter. Institutional investors and hedge funds own 81.02% of the company’s stock.
In other news, EVP Allan E. Kamensky bought 1,000 shares of the firm’s stock in a transaction on Friday, July 27th. The stock was purchased at an average price of $50.06 per share, for a total transaction of $50,060.00. Following the transaction, the executive vice president now owns 66,166 shares in the company, valued at $3,312,269.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark G. Holladay bought 4,000 shares of the firm’s stock in a transaction on Thursday, June 21st. The stock was purchased at an average price of $25.00 per share, with a total value of $100,000.00. Following the transaction, the vice president now owns 4,000 shares in the company, valued at approximately $100,000. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 20,310 shares of company stock valued at $614,173. 1.50% of the stock is owned by insiders.
Shares of NYSE:SNV opened at $48.07 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.58. Synovus Financial Corp. has a fifty-two week low of $42.67 and a fifty-two week high of $57.40. The stock has a market cap of $5.66 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 1.66 and a beta of 0.94.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 24th. The bank reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Synovus Financial had a net margin of 21.47% and a return on equity of 13.61%. The business had revenue of $359.30 million during the quarter, compared to the consensus estimate of $356.60 million. During the same quarter in the prior year, the firm earned $0.61 EPS. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. equities analysts expect that Synovus Financial Corp. will post 3.63 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Thursday, September 20th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.08%. The ex-dividend date is Wednesday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is 39.53%.
A number of equities research analysts recently weighed in on SNV shares. ValuEngine downgraded shares of Synovus Financial from a “buy” rating to a “hold” rating in a research report on Saturday, June 2nd. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Wednesday, July 18th. Stephens reaffirmed an “equal weight” rating and set a $31.00 price objective on shares of Synovus Financial in a research report on Tuesday, July 24th. Finally, Morgan Stanley lowered their price objective on shares of Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 31st. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Synovus Financial has an average rating of “Hold” and a consensus price target of $51.43.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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