Resources Management Corp CT ADV Has $1.01 Million Holdings in Synovus Financial Corp. (NYSE:SNV)

Resources Management Corp CT ADV lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 11.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,135 shares of the bank’s stock after selling 3,171 shares during the quarter. Resources Management Corp CT ADV’s holdings in Synovus Financial were worth $1,010,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nordea Investment Management AB increased its holdings in Synovus Financial by 24.5% in the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after buying an additional 64,621 shares during the period. &PARTNERS bought a new stake in Synovus Financial in the 2nd quarter valued at $284,000. Texas Permanent School Fund Corp increased its holdings in Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after buying an additional 25,028 shares during the period. Eventide Asset Management LLC bought a new stake in Synovus Financial in the 4th quarter valued at $968,000. Finally, Private Capital Management LLC increased its holdings in Synovus Financial by 6.2% in the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after buying an additional 21,456 shares during the period. Institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SNV shares. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a report on Tuesday, September 17th. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. DA Davidson upped their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, July 19th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $46.81.

Synovus Financial Stock Down 1.1 %

Shares of NYSE SNV opened at $44.51 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $47.83. The company has a market cap of $6.52 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 3.50 and a beta of 1.39. The firm’s 50-day simple moving average is $44.32 and its 200 day simple moving average is $40.52.

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

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 3.41%. Synovus Financial’s payout ratio is presently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.81% of the company’s stock.

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.