Cooper Financial Group Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Cooper Financial Group bought a new position in Synovus Financial Corp. (NYSE:SNV) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,059 shares of the bank’s stock, valued at approximately $203,000.

Other hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP increased its holdings in Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after purchasing an additional 557 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Synovus Financial in the fourth quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC bought a new stake in Synovus Financial in the fourth quarter worth approximately $30,000. American National Bank bought a new stake in Synovus Financial in the fourth quarter worth approximately $38,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $42,000. 83.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SNV. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. Bank of America cut their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Stephens reaffirmed an “equal weight” rating and set a $38.00 target price on shares of Synovus Financial in a research report on Tuesday, May 7th. Finally, The Goldman Sachs Group cut their target price on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $41.94.

Synovus Financial Stock Up 1.2 %

SNV stock opened at $37.81 on Monday. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $40.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The stock’s fifty day simple moving average is $37.83 and its two-hundred day simple moving average is $37.71. The stock has a market cap of $5.54 billion, a P/E ratio of 12.79, a P/E/G ratio of 4.99 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same period in the prior year, the company earned $1.33 EPS. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. Analysts expect that Synovus Financial Corp. will post 3.82 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Thursday, June 20th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.02%. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Activity

In other news, major shareholder Eli Samaha sold 6,803 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the transaction, the insider now owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Eli Samaha sold 6,803 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now directly owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP D Wayne Akins, Jr. acquired 24,500 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were bought at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the purchase, the executive vice president now owns 41,884 shares in the company, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Insiders have sold 179,712 shares of company stock valued at $4,528,878 in the last 90 days. Insiders own 0.81% of the company’s stock.

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.