Balyasny Asset Management LLC Trims Holdings in Synovus Financial Corp. (SNV)
Balyasny Asset Management LLC cut its stake in Synovus Financial Corp. (NYSE:SNV) by 62.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 197,183 shares of the bank’s stock after selling 322,486 shares during the period. Balyasny Asset Management LLC owned approximately 0.16% of Synovus Financial Corp. worth $8,723,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Capital Analysts LLC boosted its holdings in Synovus Financial Corp. by 10.3% in the 2nd quarter. Capital Analysts LLC now owns 20,248 shares of the bank’s stock valued at $896,000 after purchasing an additional 1,893 shares during the period. TD Asset Management Inc. boosted its holdings in Synovus Financial Corp. by 11.5% in the 2nd quarter. TD Asset Management Inc. now owns 31,135 shares of the bank’s stock valued at $1,377,000 after purchasing an additional 3,200 shares during the period. OppenheimerFunds Inc. boosted its holdings in Synovus Financial Corp. by 34.9% in the 1st quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock valued at $317,000 after purchasing an additional 1,998 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in Synovus Financial Corp. by 1.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 635,793 shares of the bank’s stock valued at $28,128,000 after purchasing an additional 10,009 shares during the period. Finally, California Public Employees Retirement System boosted its holdings in Synovus Financial Corp. by 9.1% in the 1st quarter. California Public Employees Retirement System now owns 350,057 shares of the bank’s stock valued at $14,359,000 after purchasing an additional 29,100 shares during the period. 77.86% of the stock is owned by hedge funds and other institutional investors.
In other Synovus Financial Corp. news, EVP Curtis J. Perry sold 7,062 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $43.86, for a total transaction of $309,739.32. Following the completion of the transaction, the executive vice president now owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin Joseph Howard sold 7,000 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $43.37, for a total value of $303,590.00. Following the transaction, the executive vice president now directly owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
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A number of equities analysts have recently commented on SNV shares. ValuEngine raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Stephens reaffirmed a “buy” rating and set a $46.00 price objective on shares of Synovus Financial Corp. in a report on Wednesday, July 19th. Zacks Investment Research raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, July 19th. Barclays PLC reaffirmed an “equal weight” rating and set a $46.00 price objective (up from $44.00) on shares of Synovus Financial Corp. in a report on Wednesday, July 12th. Finally, BidaskClub downgraded shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. Synovus Financial Corp. currently has an average rating of “Hold” and a consensus price target of $43.30.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at 46.82 on Friday. The firm has a market cap of $5.69 billion, a PE ratio of 21.26 and a beta of 1.10. The company’s 50 day moving average is $43.35 and its 200-day moving average is $42.64. Synovus Financial Corp. has a 12 month low of $31.41 and a 12 month high of $47.32.
Synovus Financial Corp. (NYSE:SNV) last issued its earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.01. The firm had revenue of $319.80 million during the quarter, compared to the consensus estimate of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.46 earnings per share. Equities research analysts predict that Synovus Financial Corp. will post $2.47 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Thursday, September 21st were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Wednesday, September 20th. Synovus Financial Corp.’s payout ratio is 27.15%.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services company 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 locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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