Axa S.A. lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV – Get Rating) by 2.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,300 shares of the bank’s stock after selling 800 shares during the period. Axa S.A.’s holdings in Synovus Financial were worth $1,324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Amundi bought a new stake in Synovus Financial in the second quarter worth $25,000. CWM LLC boosted its stake in shares of Synovus Financial by 93.7% during the third quarter. CWM LLC now owns 1,071 shares of the bank’s stock valued at $40,000 after purchasing an additional 518 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Synovus Financial during the second quarter valued at $48,000. Quadrant Capital Group LLC boosted its stake in shares of Synovus Financial by 38.0% during the second quarter. Quadrant Capital Group LLC now owns 1,474 shares of the bank’s stock valued at $53,000 after purchasing an additional 406 shares during the period. Finally, Covestor Ltd boosted its stake in shares of Synovus Financial by 76.7% during the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after purchasing an additional 472 shares during the period. Institutional investors own 79.89% of the company’s stock.
Insiders Place Their Bets
In other Synovus Financial news, EVP Thomas T. Dierdorff sold 1,947 shares of the business’s stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $43.36, for a total value of $84,421.92. Following the completion of the transaction, the executive vice president now directly owns 9,314 shares in the company, valued at $403,855.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.55% of the stock is currently owned by corporate insiders.
Synovus Financial Stock Performance
Synovus Financial Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th were issued a $0.34 dividend. The ex-dividend date was Wednesday, December 14th. This represents a $1.36 dividend on an annualized basis and a yield of 3.24%. Synovus Financial’s dividend payout ratio is presently 27.47%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on SNV. Raymond James boosted their target price on shares of Synovus Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, January 20th. JPMorgan Chase & Co. lowered their target price on shares of Synovus Financial from $45.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 13th. DA Davidson lifted their price objective on Synovus Financial from $42.50 to $45.50 in a report on Friday, December 9th. Morgan Stanley began coverage on Synovus Financial in a report on Monday, December 5th. They issued an “equal weight” rating and a $44.00 price objective for the company. Finally, TheStreet upgraded Synovus Financial from a “c+” rating to a “b” rating in a report on Friday, November 4th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $47.40.
About Synovus Financial
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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