Synovus Financial Corp. (NYSE:SNV) Shares Bought by Salzhauer Michael

Salzhauer Michael increased its stake in Synovus Financial Corp. (NYSE:SNV) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 218,893 shares of the bank’s stock after acquiring an additional 1,760 shares during the quarter. Synovus Financial accounts for approximately 6.8% of Salzhauer Michael’s portfolio, making the stock its 2nd largest position. Salzhauer Michael owned approximately 0.15% of Synovus Financial worth $8,797,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SNV. Innealta Capital LLC bought a new position in Synovus Financial in the second quarter worth approximately $43,000. Abich Financial Wealth Management LLC lifted its holdings in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Synovus Financial in the 1st quarter worth $51,000. Headlands Technologies LLC grew its position in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,105 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in Synovus Financial by 288.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,608 shares of the bank’s stock valued at $61,000 after purchasing an additional 1,194 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SNV. StockNews.com cut shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday. Stephens lifted their price target on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. DA Davidson increased their price objective on Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Barclays raised their target price on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Finally, Morgan Stanley upped their price target on Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus price target of $46.44.

Synovus Financial Stock Performance

Shares of SNV stock opened at $44.62 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a market cap of $6.42 billion, a price-to-earnings ratio of 15.28, a P/E/G ratio of 3.41 and a beta of 1.39. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $47.83. The firm’s 50-day simple moving average is $43.90 and its two-hundred day simple moving average is $40.26.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. During the same quarter last year, the business posted $1.16 EPS. Synovus Financial’s quarterly revenue was down .7% compared to the same quarter last year. As a group, equities analysts forecast that Synovus Financial Corp. will post 4.05 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.41%. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is owned by corporate insiders.

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.