Vestcor Inc Acquires New Stake in Synovus Financial Corp. (NYSE:SNV)

Key Points

• Vestcor Inc made a new investment in Synovus Financial Corp., purchasing nearly 10,000 shares valued at approximately $467,000 in the first quarter.
• Multiple hedge funds have increased their holdings in Synovus Financial, with notable raises including Colonial Trust Co SC's investment growth of 554.4%.
• Synovus Financial reported an EPS of $1.48 for its latest quarter, surpassing estimates and indicating a robust 16.20% return on equity.

Vestcor Inc bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 9,997 shares of the bank's stock, valued at approximately $467,000.

A number of other hedge funds also recently modified their holdings of SNV. FMR LLC raised its position in shares of Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after acquiring an additional 415,201 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in Synovus Financial by 2.3% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after acquiring an additional 53,286 shares during the period. First Trust Advisors LP grew its stake in Synovus Financial by 4.5% in the fourth quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock valued at $93,610,000 after acquiring an additional 77,876 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Synovus Financial by 5.8% during the first quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock worth $73,748,000 after buying an additional 86,694 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after buying an additional 337,784 shares during the period. Institutional investors own 83.85% of the company's stock.

Insiders Place Their Bets

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were purchased at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the purchase, the director directly owned 4,341 shares of the company's stock, valued at approximately $202,898.34. This represents a 29.93% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kevin S. Blair purchased 4,040 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the acquisition, the chief executive officer directly owned 164,378 shares in the company, valued at $8,120,273.20. This trade represents a 2.52% 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 over the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Synovus Financial Stock Up 2.1%

SNV traded up $0.97 during midday trading on Friday, reaching $48.03. 956,634 shares of the company were exchanged, compared to its average volume of 1,630,343. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The company's fifty day moving average price is $50.96 and its 200 day moving average price is $49.02. The company has a market cap of $6.67 billion, a price-to-earnings ratio of 9.24, a price-to-earnings-growth ratio of 0.81 and a beta of 1.21. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. During the same period in the previous year, the company posted $1.16 EPS. As a group, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's payout ratio is presently 29.94%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Jefferies Financial Group began coverage on Synovus Financial in a report on Wednesday, May 21st. They set a "hold" rating and a $55.00 target price on the stock. DA Davidson increased their target price on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Barclays reduced their price target on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Finally, Raymond James Financial downgraded Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $60.78.

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.