The Manufacturers Life Insurance Company lessened its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 1.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 655,185 shares of the bank’s stock after selling 8,297 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.55% of Synovus Financial worth $32,720,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Deutsche Bank AG increased its stake in Synovus Financial by 65.2% in the fourth quarter. Deutsche Bank AG now owns 739,948 shares of the bank’s stock worth $35,470,000 after purchasing an additional 291,904 shares during the period. Raymond James & Associates raised its position in Synovus Financial by 8.1% during the fourth quarter. Raymond James & Associates now owns 128,283 shares of the bank’s stock valued at $6,150,000 after acquiring an additional 9,571 shares in the last quarter. New Mexico Educational Retirement Board purchased a new position in Synovus Financial during the fourth quarter valued at approximately $1,443,000. Carillon Tower Advisers Inc. acquired a new stake in shares of Synovus Financial in the fourth quarter worth approximately $107,998,000. Finally, EJF Capital LLC boosted its stake in shares of Synovus Financial by 2.8% in the first quarter. EJF Capital LLC now owns 370,000 shares of the bank’s stock worth $18,478,000 after acquiring an additional 9,998 shares during the last quarter. Institutional investors own 79.89% of the company’s stock.
A number of equities analysts have weighed in on the company. ValuEngine lowered Synovus Financial from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. Morgan Stanley boosted their price objective on Synovus Financial from $53.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, April 27th. Zacks Investment Research raised Synovus Financial from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Monday, April 30th. Barclays lifted their target price on Synovus Financial from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 25th. Finally, JPMorgan Chase & Co. lifted their target price on Synovus Financial from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, April 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the stock. Synovus Financial presently has a consensus rating of “Hold” and an average target price of $53.40.
Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, April 24th. The bank reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.08. The business had revenue of $341.30 million during the quarter, compared to the consensus estimate of $343.04 million. Synovus Financial had a return on equity of 12.29% and a net margin of 19.87%. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 EPS. equities research analysts expect that Synovus Financial Corp. will post 3.58 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Thursday, June 21st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.80%. The ex-dividend date is Wednesday, June 20th. Synovus Financial’s payout ratio is currently 39.53%.
In related news, EVP Curtis J. Perry sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $54.36, for a total value of $108,720.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.50% of the company’s stock.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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