Shell Asset Management Co. trimmed its holdings in Synovus Financial Corp. (NYSE:SNV – Get Rating) by 17.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,349 shares of the bank’s stock after selling 3,108 shares during the quarter. Shell Asset Management Co.’s holdings in Synovus Financial were worth $539,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in SNV. CWM LLC boosted its position in Synovus Financial by 93.7% during the 3rd quarter. CWM LLC now owns 1,071 shares of the bank’s stock worth $40,000 after acquiring an additional 518 shares during the period. Neo Ivy Capital Management acquired a new stake in Synovus Financial in the second quarter worth about $48,000. Covestor Ltd grew its position in Synovus Financial by 76.7% in the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after buying an additional 472 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Synovus Financial during the 1st quarter valued at about $74,000. Finally, Wipfli Financial Advisors LLC bought a new stake in shares of Synovus Financial during the 3rd quarter worth about $99,000. 79.89% of the stock is currently owned by institutional investors and hedge funds.
Synovus Financial Stock Performance
Shares of Synovus Financial stock opened at $26.62 on Friday. Synovus Financial Corp. has a 12 month low of $25.33 and a 12 month high of $44.91. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 1.22. The stock has a market cap of $3.89 billion, a PE ratio of 5.16, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. The business has a fifty day simple moving average of $31.99 and a 200-day simple moving average of $37.30.
Synovus Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Thursday, March 16th were paid a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, March 15th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a dividend yield of 5.71%. Synovus Financial’s dividend payout ratio is 29.46%.
Analyst Upgrades and Downgrades
SNV has been the topic of a number of research analyst reports. Truist Financial lowered their price objective on shares of Synovus Financial from $48.00 to $35.00 in a research note on Thursday, March 23rd. UBS Group boosted their price objective on Synovus Financial from $31.00 to $33.00 in a research note on Tuesday, April 25th. JPMorgan Chase & Co. decreased their target price on Synovus Financial from $43.00 to $34.00 in a research note on Thursday, April 6th. Janney Montgomery Scott raised Synovus Financial from a “neutral” rating to a “buy” rating and set a $38.00 target price on the stock in a report on Monday, April 24th. Finally, StockNews.com began coverage on shares of Synovus Financial in a report on Thursday, March 16th. They issued a “hold” rating for the company. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.88.
Insider Buying and Selling
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 stock was sold at an average price of $43.36, for a total value of $84,421.92. Following the transaction, the executive vice president now 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. In other Synovus Financial news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the business’s stock in a transaction dated Monday, May 1st. The shares were acquired at an average price of $30.33 per share, for a total transaction of $60,660.00. Following the acquisition, the chief financial officer now owns 28,809 shares of the company’s stock, valued at $873,776.97. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas T. Dierdorff sold 1,947 shares of the company’s stock in a transaction on Friday, February 10th. The stock was sold at an average price of $43.36, for a total transaction of $84,421.92. Following the completion of the sale, the executive vice president now owns 9,314 shares of the company’s stock, valued at $403,855.04. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 10,375 shares of company stock worth $281,451. Corporate insiders own 1.60% of the company’s stock.
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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