Soros Fund Management LLC purchased a new stake in Synovus Financial Corp. (NYSE:SNV) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 88,449 shares of the bank’s stock, valued at approximately $4,673,000. Soros Fund Management LLC owned about 0.08% of Synovus Financial at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in SNV. Wells Fargo & Company MN lifted its stake in Synovus Financial by 28.2% in the first quarter. Wells Fargo & Company MN now owns 428,228 shares of the bank’s stock valued at $21,385,000 after acquiring an additional 94,224 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Synovus Financial in the first quarter valued at about $745,000. Swiss National Bank raised its position in shares of Synovus Financial by 0.5% in the first quarter. Swiss National Bank now owns 207,971 shares of the bank’s stock valued at $10,386,000 after purchasing an additional 1,000 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Synovus Financial by 6.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 757,115 shares of the bank’s stock valued at $37,811,000 after purchasing an additional 43,232 shares during the period. Finally, Eagle Asset Management Inc. raised its position in shares of Synovus Financial by 3.5% in the first quarter. Eagle Asset Management Inc. now owns 3,307,209 shares of the bank’s stock valued at $165,162,000 after purchasing an additional 112,331 shares during the period. Hedge funds and other institutional investors own 81.02% of the company’s stock.
In other Synovus Financial news, CFO Kevin S. Blair purchased 1,310 shares of the stock in a transaction that occurred on Thursday, August 2nd. The shares were acquired at an average cost of $49.43 per share, with a total value of $64,753.30. Following the completion of the transaction, the chief financial officer now owns 54,387 shares in the company, valued at $2,688,349.41. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Allan E. Kamensky purchased 1,000 shares of the stock in a transaction that occurred on Friday, July 27th. The shares were acquired at an average cost of $50.06 per share, for a total transaction of $50,060.00. Following the completion of the transaction, the executive vice president now owns 66,166 shares of the company’s stock, valued at approximately $3,312,269.96. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 20,310 shares of company stock worth $614,173. 1.50% of the stock is owned by insiders.
NYSE:SNV opened at $48.07 on Friday. Synovus Financial Corp. has a 52 week low of $42.67 and a 52 week high of $57.40. The stock has a market cap of $5.66 billion, a P/E ratio of 19.00, a price-to-earnings-growth ratio of 1.66 and a beta of 0.94. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.97 and a current ratio of 0.98.
Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, July 24th. The bank reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Synovus Financial had a net margin of 21.47% and a return on equity of 13.61%. The business had revenue of $359.30 million for the quarter, compared to analyst estimates of $356.60 million. During the same period last year, the firm earned $0.61 earnings per share. Synovus Financial’s revenue for the quarter was up 12.4% compared to the same quarter last year. equities research analysts anticipate that Synovus Financial Corp. will post 3.63 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Thursday, September 20th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Wednesday, September 19th. Synovus Financial’s dividend payout ratio is 39.53%.
About Synovus Financial
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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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