Seven Bridges Advisors LLC Boosts Stake in Synovus Financial Corp. (SNV)
Seven Bridges Advisors LLC raised its stake in Synovus Financial Corp. (NYSE:SNV) by 11.8% during the second quarter, Holdings Channel reports. The fund owned 12,158 shares of the company’s stock after buying an additional 1,279 shares during the period. Seven Bridges Advisors LLC’s holdings in Synovus Financial Corp. were worth $352,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in SNV. Norges Bank acquired a new position in shares of Synovus Financial Corp. during the fourth quarter valued at approximately $34,418,000. Alpha Windward LLC acquired a new position in shares of Synovus Financial Corp. during the first quarter valued at approximately $428,000. Aperio Group LLC increased its position in shares of Synovus Financial Corp. by 21.6% in the first quarter. Aperio Group LLC now owns 36,534 shares of the company’s stock valued at $1,056,000 after buying an additional 6,490 shares during the last quarter. Virginia Retirement System acquired a new position in shares of Synovus Financial Corp. during the first quarter valued at approximately $475,000. Finally, Pacad Investment Ltd. acquired a new position in shares of Synovus Financial Corp. during the first quarter valued at approximately $448,000. 76.68% of the stock is currently owned by institutional investors and hedge funds.
Synovus Financial Corp. (NYSE:SNV) traded down 0.40% during mid-day trading on Tuesday, hitting $32.39. 839,537 shares of the company were exchanged. Synovus Financial Corp. has a 12-month low of $25.48 and a 12-month high of $33.80. The company’s 50-day moving average is $32.20 and its 200 day moving average is $30.56. The company has a market capitalization of $3.98 billion, a P/E ratio of 19.17 and a beta of 1.89.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The company had revenue of $289.30 million for the quarter, compared to analyst estimates of $288.06 million. Synovus Financial Corp. had a net margin of 18.39% and a return on equity of 8.42%. During the same quarter in the previous year, the business earned $0.40 earnings per share. Analysts expect that Synovus Financial Corp. will post $1.86 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 1.48%. Synovus Financial Corp.’s payout ratio is 28.24%.
Several research analysts have issued reports on SNV shares. Zacks Investment Research raised Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Friday, June 24th. Bank of America Corp. downgraded Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a report on Wednesday, June 29th. JPMorgan Chase & Co. reduced their price objective on Synovus Financial Corp. from $32.00 to $30.50 and set a “neutral” rating on the stock in a report on Thursday, July 7th. Barclays PLC upped their price objective on Synovus Financial Corp. from $29.00 to $31.00 and gave the stock an “underweight” rating in a report on Wednesday, July 20th. Finally, Hovde Group upped their price objective on Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a report on Friday, August 19th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Synovus Financial Corp. presently has an average rating of “Hold” and an average price target of $31.25.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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