Synovus Financial Corp. (NYSE:SNV) Shares Purchased by M&T Bank Corp

M&T Bank Corp boosted its stake in Synovus Financial Corp. (NYSE:SNV) by 4.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,401 shares of the bank’s stock after acquiring an additional 1,032 shares during the period. M&T Bank Corp’s holdings in Synovus Financial were worth $784,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in shares of Synovus Financial by 32.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock worth $70,065,000 after purchasing an additional 530,991 shares in the last quarter. Geode Capital Management LLC grew its stake in Synovus Financial by 48.5% during the 4th quarter. Geode Capital Management LLC now owns 1,615,735 shares of the bank’s stock worth $51,686,000 after buying an additional 528,022 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Synovus Financial by 28.0% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,993 shares of the bank’s stock worth $343,000 after buying an additional 2,185 shares during the period. Janney Montgomery Scott LLC increased its position in Synovus Financial by 7.8% during the first quarter. Janney Montgomery Scott LLC now owns 18,600 shares of the bank’s stock worth $639,000 after buying an additional 1,339 shares during the period. Finally, Alps Advisors Inc. increased its position in Synovus Financial by 6.8% during the first quarter. Alps Advisors Inc. now owns 10,447 shares of the bank’s stock worth $359,000 after buying an additional 664 shares during the period. 83.84% of the stock is owned by hedge funds and other institutional investors.

Shares of Synovus Financial stock traded down $0.52 during trading hours on Wednesday, hitting $37.41. 31,846 shares of the company were exchanged, compared to its average volume of 1,151,173. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average of $35.94 and a 200-day moving average of $35.66. Synovus Financial Corp. has a 1 year low of $29.93 and a 1 year high of $49.69. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 10.25, a P/E/G ratio of 1.16 and a beta of 1.34.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.01. The company had revenue of $487.90 million for the quarter, compared to analysts’ expectations of $482.13 million. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. Synovus Financial’s revenue was up 36.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.92 EPS. As a group, research analysts anticipate that Synovus Financial Corp. will post 4.01 earnings per share for the current fiscal year.

The company also recently announced a — dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be issued a $0.30 dividend. This represents a dividend yield of 3.3%. The ex-dividend date is Wednesday, September 18th. Synovus Financial’s payout ratio is 32.97%.

SNV has been the subject of several research analyst reports. SunTrust Banks decreased their price objective on Synovus Financial from $42.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. ValuEngine raised shares of Synovus Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, July 27th. Evercore ISI upgraded shares of Synovus Financial from an “in-line” rating to an “outperform” rating in a research report on Thursday, August 8th. Stephens upgraded shares of Synovus Financial from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, August 6th. Finally, Raymond James decreased their price target on shares of Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a research note on Tuesday, June 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $44.32.

In other news, VP Mark G. Holladay sold 5,000 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $35.72, for a total transaction of $178,600.00. Following the transaction, the vice president now directly owns 60,289 shares in the company, valued at $2,153,523.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.00% of the stock is owned by insiders.

Synovus Financial Company Profile

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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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