Mutual of America Capital Management LLC Sells 4,648 Shares of Synovus Financial Corp. (NYSE:SNV)

Mutual of America Capital Management LLC trimmed its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 4.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 90,364 shares of the bank’s stock after selling 4,648 shares during the period. Mutual of America Capital Management LLC owned approximately 0.06% of Synovus Financial worth $3,402,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. lifted its holdings in Synovus Financial by 10.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock valued at $729,000 after purchasing an additional 1,401 shares during the last quarter. Private Advisor Group LLC bought a new position in Synovus Financial during the 1st quarter valued at about $419,000. PNC Financial Services Group Inc. lifted its holdings in Synovus Financial by 10.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock valued at $561,000 after purchasing an additional 1,109 shares during the last quarter. Great West Life Assurance Co. Can lifted its holdings in Synovus Financial by 10.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock valued at $4,147,000 after purchasing an additional 7,682 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Synovus Financial during the 1st quarter valued at about $74,000. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Down 0.1 %

Shares of NYSE:SNV opened at $36.60 on Thursday. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $40.92. The company has a 50 day moving average of $37.96 and a 200-day moving average of $34.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 10.58, a P/E/G ratio of 3.93 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 17th. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.14). The business had revenue of $488.68 million for the quarter, compared to analyst estimates of $527.60 million. Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.05 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is currently 43.93%.

Insider Activity at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at $423,817.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the transaction, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SNV shares. UBS Group lifted their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. DA Davidson restated a “buy” rating on shares of Synovus Financial in a research report on Monday, January 15th. Royal Bank of Canada raised their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, April 9th. Barclays assumed coverage on shares of Synovus Financial in a research report on Friday, March 8th. They issued an “equal weight” rating and a $42.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $46.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $41.50.

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.