Synovus Financial Corp. (NYSE:SNV) Shares Sold by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,390 shares of the bank’s stock after selling 986 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Synovus Financial were worth $2,059,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Allworth Financial LP increased its position in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after acquiring an additional 557 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Synovus Financial in the fourth quarter valued at approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Synovus Financial during the fourth quarter worth approximately $30,000. American National Bank acquired a new stake in shares of Synovus Financial during the fourth quarter worth $38,000. Finally, Tennessee Valley Asset Management Partners acquired a new stake in shares of Synovus Financial during the fourth quarter worth $42,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the transaction, the insider now owns 1,466,493 shares of the company’s stock, valued at $36,984,953.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Synovus Financial news, EVP D Wayne Akins, Jr. bought 24,500 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $37.40 per share, with a total value of $916,300.00. Following the transaction, the executive vice president now owns 41,884 shares in the company, valued at $1,566,461.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Eli Samaha sold 6,803 shares of Synovus Financial stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the transaction, the insider now directly owns 1,466,493 shares in the company, valued at $36,984,953.46. The disclosure for this sale can be found here. Insiders sold a total of 179,712 shares of company stock valued at $4,528,878 in the last 90 days. 0.81% of the stock is currently owned by insiders.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded up $0.10 during trading on Friday, hitting $45.09. 2,258,836 shares of the company were exchanged, compared to its average volume of 1,436,592. The firm has a 50 day moving average price of $39.36 and a 200 day moving average price of $38.15. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 15.56, a P/E/G ratio of 3.72 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $47.76.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.88%. The business had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same quarter in the prior year, the firm posted $1.16 earnings per share. The company’s quarterly revenue was down .7% compared to the same quarter last year. On average, equities analysts expect that Synovus Financial Corp. will post 3.87 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Analyst Upgrades and Downgrades

SNV has been the subject of a number of analyst reports. Royal Bank of Canada upped their price objective on shares of Synovus Financial from $45.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday. Evercore ISI increased their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Truist Financial raised their price target on Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a report on Friday. Barclays upped their price objective on Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday. Finally, StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.56.

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.