Headlands Technologies LLC Boosts Stake in Synovus Financial Corp. (NYSE:SNV)

Headlands Technologies LLC raised its position in Synovus Financial Corp. (NYSE:SNV) by 404.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,378 shares of the bank’s stock after purchasing an additional 1,105 shares during the quarter. Headlands Technologies LLC’s holdings in Synovus Financial were worth $55,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Wellington Management Group LLP lifted its position in Synovus Financial by 56.9% during the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares in the last quarter. Norges Bank purchased a new stake in Synovus Financial during the 4th quarter worth $59,941,000. rhino investment partners Inc increased its holdings in Synovus Financial by 119.9% in the 4th quarter. rhino investment partners Inc now owns 473,391 shares of the bank’s stock valued at $17,823,000 after purchasing an additional 258,148 shares in the last quarter. Interval Partners LP raised its position in Synovus Financial by 74.2% in the first quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after purchasing an additional 165,548 shares during the period. Finally, Wedge Capital Management L L P NC lifted its stake in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after purchasing an additional 148,842 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on SNV shares. Royal Bank of Canada raised their target price on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, July 19th. DA Davidson boosted their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Jefferies Financial Group boosted their price target on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Barclays increased their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Finally, Wells Fargo & Company raised their target price on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $46.44.

Synovus Financial Trading Up 0.4 %

Shares of NYSE:SNV opened at $44.79 on Tuesday. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 3.41 and a beta of 1.39. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $47.83. The company has a 50 day moving average price of $44.01 and a 200 day moving average price of $40.31. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. During the same period in the previous year, the firm posted $1.16 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. On average, research analysts anticipate that Synovus Financial Corp. will post 4.05 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Thursday, September 19th. Synovus Financial’s dividend payout ratio is presently 52.05%.

About Synovus Financial

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.