Wintrust Investments LLC grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 0.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,478 shares of the bank’s stock after buying an additional 483 shares during the period. Wintrust Investments LLC’s holdings in Synovus Financial were worth $2,742,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in Synovus Financial by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,589,790 shares of the bank’s stock valued at $116,202,000 after acquiring an additional 146,909 shares during the period. IFP Advisors Inc increased its stake in shares of Synovus Financial by 15.6% during the first quarter. IFP Advisors Inc now owns 1,724 shares of the bank’s stock valued at $79,000 after purchasing an additional 233 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Synovus Financial by 16.3% during the first quarter. Victory Capital Management Inc. now owns 1,076,370 shares of the bank’s stock valued at $49,244,000 after purchasing an additional 150,736 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Synovus Financial by 222.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 38,053 shares of the bank’s stock worth $1,741,000 after purchasing an additional 26,256 shares in the last quarter. Finally, Natixis Advisors L.P. grew its stake in shares of Synovus Financial by 12.6% in the 1st quarter. Natixis Advisors L.P. now owns 63,660 shares of the bank’s stock worth $2,912,000 after buying an additional 7,132 shares during the last quarter. 76.40% of the stock is currently owned by hedge funds and other institutional investors.
In other Synovus Financial news, EVP Mark G. Holladay sold 1,500 shares of the business’s stock in a transaction on Friday, August 6th. The shares were sold at an average price of $43.13, for a total transaction of $64,695.00. Following the completion of the sale, the executive vice president now directly owns 59,799 shares in the company, valued at approximately $2,579,130.87. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.11% of the stock is owned by insiders.
Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Monday, July 19th. The bank reported $1.20 EPS for the quarter, topping the consensus estimate of $1.03 by $0.17. The company had revenue of $488.95 million during the quarter, compared to the consensus estimate of $486.99 million. Synovus Financial had a return on equity of 14.65% and a net margin of 28.77%. During the same period last year, the company earned $0.23 EPS. Equities research analysts predict that Synovus Financial Corp. will post 4.49 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Thursday, September 16th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, September 15th. This represents a $1.32 annualized dividend and a dividend yield of 3.29%. Synovus Financial’s payout ratio is 54.77%.
A number of research analysts have issued reports on the company. Zacks Investment Research cut Synovus Financial from a “strong-buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research note on Monday, June 7th. Piper Sandler lifted their price target on Synovus Financial from $54.50 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, June 3rd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial has a consensus rating of “Buy” and an average target price of $45.15.
Synovus Financial Profile
Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.
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