Synovus Financial Corp. (NYSE:SNV) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC trimmed its stake in Synovus Financial Corp. (NYSE:SNV) by 60.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,363 shares of the bank’s stock after selling 26,197 shares during the quarter. Intech Investment Management LLC’s holdings in Synovus Financial were worth $772,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new position in shares of Synovus Financial in the 3rd quarter valued at $30,000. UMB Bank n.a. boosted its holdings in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares during the period. Innealta Capital LLC purchased a new position in shares of Synovus Financial in the second quarter worth approximately $43,000. Abich Financial Wealth Management LLC raised its holdings in shares of Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after acquiring an additional 371 shares during the period. Finally, Headlands Technologies LLC lifted its position in shares of 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 acquiring an additional 1,105 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Down 0.6 %

SNV stock opened at $57.08 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The firm has a market cap of $8.09 billion, a PE ratio of 25.83, a PEG ratio of 2.07 and a beta of 1.37. Synovus Financial Corp. has a 1 year low of $30.52 and a 1 year high of $59.92. The company has a fifty day simple moving average of $50.09 and a 200 day simple moving average of $44.61.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the company posted $0.84 EPS. The firm’s revenue was up 2.6% on a year-over-year basis. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is 68.78%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Stephens lifted their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. The Goldman Sachs Group lifted their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday. Citigroup set a $59.00 price target on Synovus Financial in a research report on Friday, October 18th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research report on Tuesday, September 17th. Finally, Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $48.00 to $46.00 in a report on Tuesday, October 1st. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.94.

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.