Advisor Group Holdings Inc. Lowers Stock Position in Synovus Financial Corp. (NYSE:SNV)

Advisor Group Holdings Inc. cut its position in shares of Synovus Financial Corp. (NYSE:SNV) by 18.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 74,367 shares of the bank’s stock after selling 16,504 shares during the quarter. Advisor Group Holdings Inc.’s holdings in Synovus Financial were worth $3,264,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC purchased a new stake in Synovus Financial during the second quarter worth $25,000. HHM Wealth Advisors LLC acquired a new position in Synovus Financial during the third quarter worth $49,000. Eubel Brady & Suttman Asset Management Inc. acquired a new position in Synovus Financial during the second quarter worth $73,000. Van ECK Associates Corp acquired a new position in Synovus Financial during the second quarter worth $78,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in Synovus Financial by 164.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,193 shares of the bank’s stock worth $184,000 after acquiring an additional 2,605 shares during the period. 76.95% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial stock opened at $53.66 on Friday. Synovus Financial Corp. has a 12-month low of $35.44 and a 12-month high of $53.70. The stock has a market cap of $7.81 billion, a P/E ratio of 11.79, a PEG ratio of 0.54 and a beta of 1.53. The company has a 50-day moving average price of $48.50 and a 200 day moving average price of $45.28. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.26.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Monday, October 18th. The bank reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.13. The firm had revenue of $499.87 million during the quarter, compared to analysts’ expectations of $491.33 million. Synovus Financial had a net margin of 33.57% and a return on equity of 15.49%. During the same period last year, the business earned $0.89 earnings per share. As a group, analysts forecast that Synovus Financial Corp. will post 4.66 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, January 3rd. Shareholders of record on Thursday, December 16th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.46%. The ex-dividend date was Wednesday, December 15th. Synovus Financial’s dividend payout ratio (DPR) is presently 29.01%.

SNV has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of Synovus Financial from $60.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, December 6th. Raymond James upped their price objective on shares of Synovus Financial from $54.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, November 4th. JPMorgan Chase & Co. upgraded shares of Synovus Financial from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $53.00 to $56.00 in a research report on Wednesday, December 15th. Royal Bank of Canada increased their target price on shares of Synovus Financial from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 20th. Finally, Stephens increased their target price on shares of Synovus Financial from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, October 20th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $56.44.

In other Synovus Financial news, EVP Mark G. Holladay sold 1,500 shares of the stock in a transaction dated Wednesday, December 1st. The shares were sold at an average price of $46.60, for a total transaction of $69,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Kessel D. Stelling sold 11,329 shares of the stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $50.00, for a total transaction of $566,450.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 123,992 shares of company stock valued at $6,065,195. 1.11% of the stock is currently owned by insiders.

Synovus Financial Company Profile

Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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