Virtu Financial LLC Buys New Shares in Synovus Financial Corp. (NYSE:SNV)

Virtu Financial LLC bought a new stake in Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 8,973 shares of the bank’s stock, valued at approximately $338,000.

A number of other hedge funds have also added to or reduced their stakes in SNV. Pathstone Family Office LLC grew its position in Synovus Financial by 22.9% in the third quarter. Pathstone Family Office LLC now owns 11,271 shares of the bank’s stock valued at $313,000 after purchasing an additional 2,098 shares in the last quarter. UBS Group AG grew its position in Synovus Financial by 1,135.3% in the third quarter. UBS Group AG now owns 80,578 shares of the bank’s stock valued at $2,240,000 after purchasing an additional 74,055 shares in the last quarter. Kestra Advisory Services LLC grew its position in Synovus Financial by 24.4% in the third quarter. Kestra Advisory Services LLC now owns 17,119 shares of the bank’s stock valued at $476,000 after purchasing an additional 3,355 shares in the last quarter. Prudential PLC bought a new position in Synovus Financial in the third quarter valued at $1,025,000. Finally, FMR LLC grew its position in shares of Synovus Financial by 10.0% in the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock valued at $297,530,000 after acquiring an additional 977,155 shares during the period. Institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SNV. Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. The Goldman Sachs Group decreased their price objective on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Morgan Stanley reissued an “equal weight” rating and issued a $37.00 price objective on shares of Synovus Financial in a research report on Monday, April 22nd. Wells Fargo & Company decreased their price objective on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, April 19th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 price objective (down previously from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, Synovus Financial has an average rating of “Hold” and a consensus target price of $41.50.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $37.18 on Thursday. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a 50-day simple moving average of $37.82 and a two-hundred day simple moving average of $37.63. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 5.03 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. During the same quarter last year, the firm earned $1.33 EPS. Synovus Financial’s revenue for the quarter was down 12.4% compared to the same quarter last year. Analysts forecast that Synovus Financial Corp. will post 3.82 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Thursday, June 20th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend is Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of Synovus Financial stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total value of $171,571.66. Following the completion of the sale, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Eli Samaha sold 6,803 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total value of $171,571.66. Following the completion of the transaction, the insider now directly owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP D Wayne Akins, Jr. bought 24,500 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was purchased at an average price of $37.40 per share, with a total value of $916,300.00. Following the completion of the transaction, the executive vice president now directly owns 41,884 shares in the company, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Insiders sold 179,712 shares of company stock worth $4,528,878 in the last quarter. 0.81% of the stock is currently owned by corporate insiders.

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.