Wells Fargo & Company MN trimmed its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 1.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 334,004 shares of the bank’s stock after selling 5,712 shares during the quarter. Wells Fargo & Company MN’s holdings in Synovus Financial were worth $16,012,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in SNV. Crossmark Global Holdings Inc. bought a new stake in shares of Synovus Financial during the 3rd quarter valued at $444,000. Principal Financial Group Inc. lifted its position in shares of Synovus Financial by 0.7% during the 3rd quarter. Principal Financial Group Inc. now owns 519,479 shares of the bank’s stock worth $23,927,000 after buying an additional 3,512 shares during the last quarter. Alps Advisors Inc. bought a new stake in shares of Synovus Financial during the 3rd quarter worth $502,000. BNP Paribas Arbitrage SA lifted its position in shares of Synovus Financial by 107.3% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 235,652 shares of the bank’s stock worth $10,854,000 after buying an additional 121,962 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its position in shares of Synovus Financial by 43.1% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 463,787 shares of the bank’s stock worth $21,362,000 after buying an additional 139,688 shares during the last quarter. Hedge funds and other institutional investors own 81.01% of the company’s stock.
Synovus Financial Corp. (SNV) opened at $52.61 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $6,240.00, a PE ratio of 20.55, a price-to-earnings-growth ratio of 1.93 and a beta of 1.10. Synovus Financial Corp. has a 1 year low of $37.95 and a 1 year high of $53.14.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be given a $0.25 dividend. The ex-dividend date is Wednesday, March 14th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.15. This represents a $1.00 annualized dividend and a yield of 1.90%. Synovus Financial’s dividend payout ratio (DPR) is currently 23.44%.
Synovus Financial declared that its board has approved a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Several brokerages recently weighed in on SNV. Morgan Stanley upgraded Synovus Financial from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $51.67 to $52.00 in a research report on Wednesday, March 7th. Zacks Investment Research downgraded Synovus Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Bank of America upped their price objective on Synovus Financial from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods restated a “hold” rating and set a $55.00 price objective on shares of Synovus Financial in a research report on Tuesday, February 27th. Finally, Hovde Group restated a “hold” rating and set a $53.00 price objective on shares of Synovus Financial in a research report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. Synovus Financial has an average rating of “Hold” and an average target price of $52.08.
In other Synovus Financial news, COO Allen J. Gula sold 2,450 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.22, for a total value of $123,039.00. Following the completion of the transaction, the chief operating officer now directly owns 70,111 shares in the company, valued at $3,520,974.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark G. Holladay sold 5,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.16, for a total value of $250,800.00. Following the completion of the transaction, the vice president now owns 52,063 shares of the company’s stock, valued at $2,611,480.08. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
About Synovus Financial
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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