Cwm LLC Cuts Stake in Synovus Financial Corp. $SNV

Key Points

• Cwm LLC reduced its stake in Synovus Financial Corp. by 32.2%, now owning 24,760 shares worth approximately $1.28 million after selling 11,758 shares in Q2.
• Several institutional investors, such as AQR Capital Management LLC and Invesco Ltd., increased their holdings in Synovus Financial, reflecting a positive sentiment towards the bank.
• Synovus Financial reported an EPS of $1.46 for the last quarter, exceeding consensus estimates, and declared a quarterly dividend of $0.39 per share.

Cwm LLC cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 32.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,760 shares of the bank's stock after selling 11,758 shares during the quarter. Cwm LLC's holdings in Synovus Financial were worth $1,281,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. AQR Capital Management LLC raised its stake in shares of Synovus Financial by 168.2% in the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock valued at $130,546,000 after acquiring an additional 1,791,973 shares in the last quarter. Invesco Ltd. increased its holdings in Synovus Financial by 201.0% during the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock worth $38,363,000 after purchasing an additional 548,092 shares during the period. Millennium Management LLC raised its position in Synovus Financial by 125.5% in the 1st quarter. Millennium Management LLC now owns 646,098 shares of the bank's stock valued at $30,199,000 after purchasing an additional 359,568 shares in the last quarter. MetLife Investment Management LLC boosted its stake in shares of Synovus Financial by 393.8% in the 1st quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank's stock valued at $18,437,000 after buying an additional 314,576 shares during the period. Finally, Nuveen LLC purchased a new position in shares of Synovus Financial in the 1st quarter valued at about $14,294,000. Institutional investors and hedge funds own 83.85% of the company's stock.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, with a total value of $97,800.00. Following the transaction, the chief financial officer owned 58,220 shares of the company's stock, valued at approximately $2,846,958. This trade represents a 3.56% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Diana M. Murphy acquired 1,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the purchase, the director owned 40,171 shares of the company's stock, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 8,040 shares of company stock worth $392,916 in the last quarter. 1.00% of the stock is currently owned by company insiders.

Synovus Financial Stock Up 1.4%

Synovus Financial stock opened at $45.95 on Tuesday. The company has a market capitalization of $6.38 billion, a P/E ratio of 8.57, a PEG ratio of 0.81 and a beta of 1.21. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The stock has a 50-day simple moving average of $49.57 and a 200-day simple moving average of $48.53.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping the consensus estimate of $1.36 by $0.10. The company had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm's revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.23 earnings per share. Equities research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Thursday, September 18th were given a $0.39 dividend. The ex-dividend date was Thursday, September 18th. This represents a $1.56 annualized dividend and a yield of 3.4%. Synovus Financial's dividend payout ratio is 29.10%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Royal Bank Of Canada cut their target price on shares of Synovus Financial from $65.00 to $58.00 and set an "outperform" rating on the stock in a research note on Friday. DA Davidson reissued a "buy" rating and issued a $63.00 price objective on shares of Synovus Financial in a research report on Thursday, October 16th. Stephens decreased their price objective on shares of Synovus Financial from $54.00 to $51.00 and set an "equal weight" rating for the company in a research report on Friday. UBS Group downgraded shares of Synovus Financial from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Finally, Truist Financial cut their price target on Synovus Financial from $56.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday. Eight research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Synovus Financial presently has a consensus rating of "Hold" and a consensus target price of $58.71.

Synovus Financial Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.

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