Hancock Whitney Corp Sells 1,714 Shares of Synovus Financial Corp. (NYSE:SNV)

Hancock Whitney Corp lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 2.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,360 shares of the bank’s stock after selling 1,714 shares during the quarter. Hancock Whitney Corp owned about 0.05% of Synovus Financial worth $3,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Innealta Capital LLC bought a new stake in shares of Synovus Financial in the 2nd quarter valued at about $43,000. Abich Financial Wealth Management LLC grew its holdings in Synovus Financial by 43.5% in the first 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 during the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Synovus Financial during the first quarter worth $51,000. Headlands Technologies LLC lifted its holdings in shares of Synovus Financial by 404.8% during 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 last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Synovus Financial by 288.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,608 shares of the bank’s stock worth $61,000 after purchasing an additional 1,194 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Barclays increased their price target on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Royal Bank of Canada increased their price objective on shares of Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Morgan Stanley boosted their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Stephens raised their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.81.

Synovus Financial Price Performance

Shares of SNV opened at $45.00 on Friday. The company has a market capitalization of $6.59 billion, a P/E ratio of 15.41, a P/E/G ratio of 3.50 and a beta of 1.39. The business’s 50-day moving average is $44.30 and its two-hundred day moving average is $40.48. 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 Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $47.83.

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

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insider Activity at Synovus Financial

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

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.