Synovus Financial Corp. (NYSE:SNV) EVP Sells $28,366.80 in Stock

Synovus Financial Corp. (NYSE:SNV) EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Synovus Financial Trading Up 1.8 %

NYSE SNV opened at $47.62 on Monday. The company has a fifty day simple moving average of $40.14 and a two-hundred day simple moving average of $38.57. The stock has a market cap of $6.97 billion, a P/E ratio of 16.31, a P/E/G ratio of 3.77 and a beta of 1.40. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $47.76. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the company posted $1.16 earnings per share. On average, analysts forecast that Synovus Financial Corp. will post 4 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Thursday, June 20th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.19%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Allworth Financial LP raised its holdings in shares of Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after purchasing an additional 557 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Synovus Financial during the fourth quarter worth $28,000. MeadowBrook Investment Advisors LLC purchased a new position in shares of Synovus Financial during the fourth quarter worth $30,000. American National Bank purchased a new position in shares of Synovus Financial during the fourth quarter worth $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new position in shares of Synovus Financial during the fourth quarter worth $42,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SNV. The Goldman Sachs Group dropped their price objective on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Piper Sandler raised their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Bank of America lowered their target price on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, April 19th. Finally, StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus target price of $45.81.

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.