Burney Co. Invests $362,000 in Synovus Financial Corp. $SNV

Burney Co. purchased a new position in Synovus Financial Corp. (NYSE:SNV) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,000 shares of the bank’s stock, valued at approximately $362,000.

A number of other hedge funds have also made changes to their positions in the stock. Wolverine Asset Management LLC acquired a new stake in shares of Synovus Financial during the 2nd quarter valued at $592,000. Hantz Financial Services Inc. boosted its stake in shares of Synovus Financial by 35,820.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,796 shares of the bank’s stock valued at $93,000 after buying an additional 1,791 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Synovus Financial by 8.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 44,416 shares of the bank’s stock valued at $2,299,000 after buying an additional 3,624 shares during the period. Bessemer Group Inc. boosted its stake in shares of Synovus Financial by 0.4% during the 2nd quarter. Bessemer Group Inc. now owns 382,005 shares of the bank’s stock valued at $19,769,000 after buying an additional 1,514 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Synovus Financial by 8.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 53,084 shares of the bank’s stock valued at $2,747,000 after buying an additional 4,181 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Synovus Financial news, Director Gregory G. Montana purchased 1,000 shares of the stock in a transaction dated Monday, October 20th. The shares were bought at an average cost of $45.37 per share, with a total value of $45,370.00. Following the completion of the transaction, the director owned 5,464 shares in the company, valued at $247,901.68. This trade represents a 22.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Synovus Financial Trading Up 0.8%

Shares of NYSE:SNV opened at $45.14 on Thursday. The company has a market cap of $6.27 billion, a P/E ratio of 8.42, a P/E/G ratio of 0.77 and a beta of 1.21. The stock’s 50-day moving average is $48.41 and its 200-day moving average is $48.93. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.10. The company had revenue of $612.79 million for the quarter, compared to the consensus estimate of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm’s revenue was up 9.0% compared to the same quarter last year. During the same period last year, the business posted $1.23 earnings per share. Equities research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is currently 29.10%.

Wall Street Analysts Forecast Growth

SNV has been the subject of several research reports. Keefe, Bruyette & Woods lowered Synovus Financial from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Morgan Stanley lifted their price target on Synovus Financial from $58.00 to $61.00 and gave the company an “equal weight” rating in a report on Friday, July 18th. DA Davidson reiterated a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a report on Thursday, October 16th. Royal Bank Of Canada reduced their price target on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Finally, JPMorgan Chase & Co. decreased their price target on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Eight equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $58.56.

Synovus Financial Company 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.