GAM Holding AG Has $411,000 Stake in Synovus Financial Corp. (SNV)
GAM Holding AG cut its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 14.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,773 shares of the bank’s stock after selling 1,302 shares during the quarter. GAM Holding AG’s holdings in Synovus Financial were worth $411,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in SNV. Chase Investment Counsel Corp purchased a new stake in Synovus Financial during the second quarter worth approximately $766,000. Alps Advisors Inc. purchased a new stake in Synovus Financial during the second quarter worth approximately $523,000. EJF Capital LLC lifted its stake in Synovus Financial by 2.8% during the first quarter. EJF Capital LLC now owns 370,000 shares of the bank’s stock worth $18,478,000 after purchasing an additional 9,998 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Synovus Financial by 950.8% during the first quarter. Allianz Asset Management GmbH now owns 108,661 shares of the bank’s stock worth $5,426,000 after purchasing an additional 98,320 shares during the last quarter. Finally, Three Peaks Capital Management LLC purchased a new stake in Synovus Financial during the second quarter worth approximately $1,318,000. 81.02% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE SNV opened at $50.01 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.98 and a quick ratio of 0.97. Synovus Financial Corp. has a twelve month low of $40.27 and a twelve month high of $57.40. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 1.73 and a beta of 0.95.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Thursday, September 20th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.00%. Synovus Financial’s dividend payout ratio is currently 39.53%.
In other news, EVP Allan E. Kamensky acquired 1,000 shares of Synovus Financial stock in a transaction on Friday, July 27th. The stock was bought at an average price of $50.06 per share, for a total transaction of $50,060.00. Following the completion of the purchase, the executive vice president now owns 66,166 shares in the company, valued at $3,312,269.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark G. Holladay acquired 4,000 shares of Synovus Financial stock in a transaction on Thursday, June 21st. The stock was purchased at an average price of $25.00 per share, with a total value of $100,000.00. Following the purchase, the vice president now owns 4,000 shares of the company’s stock, valued at approximately $100,000. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 20,310 shares of company stock valued at $614,173. 1.50% of the stock is owned by company insiders.
Several equities research analysts recently weighed in on the company. Stephens restated an “equal weight” rating and set a $31.00 target price on shares of Synovus Financial in a research note on Tuesday, July 24th. ValuEngine cut Synovus Financial from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. Zacks Investment Research cut Synovus Financial from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, Morgan Stanley decreased their target price on Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 31st. Twelve investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $51.43.
About Synovus Financial
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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