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Synovus Financial Corp. (NYSE:SNV) Shares Sold by Vanguard Group Inc.

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Vanguard Group Inc. reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 1.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,090,878 shares of the bank's stock after selling 234,473 shares during the quarter. Vanguard Group Inc. owned approximately 10.31% of Synovus Financial worth $568,172,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Phocas Financial Corp. bought a new position in Synovus Financial in the fourth quarter worth about $7,115,000. New York State Common Retirement Fund grew its stake in shares of Synovus Financial by 346.6% in the 4th quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank's stock worth $21,494,000 after buying an additional 443,056 shares during the last quarter. BIP Wealth LLC increased its position in Synovus Financial by 104.6% during the 4th quarter. BIP Wealth LLC now owns 46,901 shares of the bank's stock valued at $1,766,000 after buying an additional 23,978 shares in the last quarter. Eventide Asset Management LLC purchased a new position in Synovus Financial during the fourth quarter valued at $968,000. Finally, American Century Companies Inc. boosted its holdings in Synovus Financial by 46.0% in the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank's stock worth $26,631,000 after acquiring an additional 301,604 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SNV has been the subject of several recent analyst reports. Wells Fargo & Company lowered their price target on Synovus Financial from $42.00 to $40.00 and set an "overweight" rating for the company in a research report on Friday, April 19th. Piper Sandler lowered their price objective on Synovus Financial from $46.00 to $42.00 and set an "overweight" rating on the stock in a research report on Friday, April 19th. Bank of America cut their target price on Synovus Financial from $44.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, April 19th. Royal Bank of Canada decreased their price target on Synovus Financial from $44.00 to $41.00 and set an "outperform" rating for the company in a research note on Friday, April 19th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $37.00 price objective on shares of Synovus Financial in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.94.


Get Our Latest Stock Report on Synovus Financial

Insider Buying and Selling at Synovus Financial

In other news, major shareholder Eli Samaha sold 6,803 shares of the firm's stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now directly owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Eli Samaha sold 6,803 shares of Synovus Financial stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now owns 1,466,493 shares of the company's stock, valued at approximately $36,984,953.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP D Wayne Akins, Jr. purchased 24,500 shares of the company's stock in a transaction on Friday, June 7th. The stock was acquired at an average price of $37.40 per share, with a total value of $916,300.00. Following the completion of the purchase, the executive vice president now directly owns 41,884 shares in the company, valued at $1,566,461.60. The disclosure for this purchase can be found here. Insiders have sold 179,712 shares of company stock valued at $4,528,878 over the last 90 days. 0.81% of the stock is currently owned by corporate insiders.

Synovus Financial Stock Performance

SNV traded down $0.54 during trading on Tuesday, hitting $37.85. The company's stock had a trading volume of 1,096,099 shares, compared to its average volume of 1,382,944. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a market cap of $5.54 billion, a PE ratio of 12.96, a P/E/G ratio of 5.05 and a beta of 1.41. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $40.92. The business's 50 day simple moving average is $37.88 and its 200-day simple moving average is $37.75.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period in the prior year, the firm posted $1.33 EPS. The business's revenue for the quarter was down 12.4% on a year-over-year basis. As a group, sell-side analysts predict that Synovus Financial Corp. will post 3.82 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Thursday, June 20th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Thursday, June 20th. Synovus Financial's payout ratio is 52.05%.

About Synovus Financial

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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