Synovus Financial Corp. (NYSE:SNV) Shares Sold by Phocas Financial Corp.

Key Points

• Phocas Financial Corp. has decreased its stake in Synovus Financial Corp. by 5.3%, now holding 167,834 shares valued at approximately $7.85 million.
• Synovus Financial's latest quarterly earnings report revealed a net margin of 21.52% and earnings per share of $1.48, surpassing analysts' expectations of $1.25.
• Synovus recently declared a quarterly dividend of $0.39 per share, contributing to an annualized dividend yield of 3.4%.

Phocas Financial Corp. lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 5.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 167,834 shares of the bank's stock after selling 9,397 shares during the period. Synovus Financial makes up 1.2% of Phocas Financial Corp.'s portfolio, making the stock its 21st biggest position. Phocas Financial Corp. owned approximately 0.12% of Synovus Financial worth $7,845,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Colonial Trust Co SC increased its holdings in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after acquiring an additional 499 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in shares of Synovus Financial in the first quarter valued at about $70,000. Quent Capital LLC boosted its holdings in Synovus Financial by 205.6% in the first quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock worth $84,000 after acquiring an additional 1,209 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Synovus Financial by 142.3% during the first quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock valued at $85,000 after buying an additional 1,063 shares during the last quarter. Finally, Safe Harbor Fiduciary LLC purchased a new position in Synovus Financial in the fourth quarter worth $102,000. Institutional investors own 83.85% of the company's stock.

Synovus Financial Trading Down 1.5%

NYSE:SNV traded down $0.70 during trading hours on Thursday, hitting $47.05. The company had a trading volume of 326,510 shares, compared to its average volume of 1,627,723. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a market capitalization of $6.54 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 0.81 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a 50-day moving average price of $50.98 and a 200 day moving average price of $49.07.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating the consensus estimate of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. During the same quarter in the prior year, the firm earned $1.16 EPS. On average, equities research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is currently 29.94%.

Insiders Place Their Bets

In other news, Director Diana M. Murphy acquired 1,000 shares of the firm'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 transaction, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $48.90 per share, with a total value of $97,800.00. Following the completion of the transaction, 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 position. The disclosure for this purchase can be found here. Insiders acquired a total of 8,040 shares of company stock worth $392,916 in the last three months. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SNV. Wells Fargo & Company restated an "equal weight" rating and issued a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Stephens cut their target price on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $58.00 to $65.00 in a research report on Friday, July 18th. Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Morgan Stanley lifted their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Synovus Financial presently has a consensus rating of "Moderate Buy" and an average target price of $60.78.

Synovus Financial Company 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.