NorthRock Partners LLC Buys Shares of 6,689 Synovus Financial Corp. $SNV

Key Points

• NorthRock Partners LLC purchased 6,689 shares of Synovus Financial Corp., valued at approximately $349,000, in its second quarter filing with the SEC.
• Synovus Financial reported a quarterly earnings per share (EPS) of $1.46, exceeding analyst expectations of $1.36, alongside a revenue of $612.79 million.
• The firm declared a quarterly dividend of $0.39, which translates to an annual yield of 3.5%, with a payout ratio of 29.10%.

NorthRock Partners LLC bought a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 6,689 shares of the bank's stock, valued at approximately $349,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. AQR Capital Management LLC lifted its holdings in 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 during the period. Bank of New York Mellon Corp increased its position in shares of Synovus Financial by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock valued at $73,748,000 after buying an additional 86,694 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Synovus Financial by 1.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank's stock valued at $41,394,000 after buying an additional 12,036 shares in the last quarter. Invesco Ltd. increased its position in shares of Synovus Financial by 201.0% in the first quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock valued at $38,363,000 after buying an additional 548,092 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its position in shares of Synovus Financial by 0.4% in the second quarter. Wedge Capital Management L L P NC now owns 703,947 shares of the bank's stock valued at $36,429,000 after buying an additional 2,983 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Trading Down 6.0%

Synovus Financial stock opened at $44.14 on Friday. The stock has a market cap of $6.13 billion, a PE ratio of 8.24, a P/E/G ratio of 0.84 and a beta of 1.21. The stock has a 50-day moving average price of $49.64 and a 200 day moving average price of $48.41. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.10. The firm had revenue of $612.79 million during the quarter, compared to analysts' expectations of $604.59 million. Synovus Financial had a return on equity of 16.45% and a net margin of 21.97%.The firm's quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.23 EPS. Equities research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were issued a $0.39 dividend. The ex-dividend date was Thursday, September 18th. This represents a $1.56 annualized dividend and a yield of 3.5%. Synovus Financial's payout ratio is 29.10%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SNV. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Keefe, Bruyette & Woods cut Synovus Financial from an "outperform" rating to a "market perform" rating and dropped their price target for the company from $65.00 to $50.00 in a research report on Tuesday, August 12th. DA Davidson restated a "buy" rating and issued a $63.00 price target on shares of Synovus Financial in a research report on Thursday. Morgan Stanley raised their price target on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. dropped their price target on Synovus Financial from $65.00 to $58.00 and set an "overweight" rating for the company in a research report on Wednesday, October 1st. Nine equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Synovus Financial currently has an average rating of "Hold" and an average price target of $58.50.

Insiders Place Their Bets

In other Synovus Financial news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was bought at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, the chief financial officer directly owned 58,220 shares of the company's stock, valued at $2,846,958. This represents a 3.56% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Diana M. Murphy purchased 1,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $48.80 per share, with a total value of $48,800.00. Following the acquisition, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 8,040 shares of company stock worth $392,916 over the last 90 days. Corporate insiders own 1.00% of the company's stock.

About Synovus Financial

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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