Synovus Financial Corp. (NYSE:SNV) Shares Sold by AM Investment Strategies LLC

AM Investment Strategies LLC reduced its holdings in Synovus Financial Corp. (NYSE:SNV) by 45.6% in the third quarter, HoldingsChannel reports. The firm owned 453,658 shares of the bank’s stock after selling 380,753 shares during the period. Synovus Financial makes up about 4.9% of AM Investment Strategies LLC’s investment portfolio, making the stock its 4th biggest holding. AM Investment Strategies LLC’s holdings in Synovus Financial were worth $20,174,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Millennium Management LLC lifted its position in shares of Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares during the period. Dimensional Fund Advisors LP increased its stake in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in shares of Synovus Financial during the 2nd quarter worth about $19,434,000. Interval Partners LP grew its stake in shares of Synovus Financial by 74.2% in the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after buying an additional 165,548 shares during the period. Finally, Wedge Capital Management L L P NC increased its position in Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after buying an additional 148,842 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Performance

SNV traded down $0.48 during trading on Friday, hitting $49.39. 1,037,427 shares of the company traded hands, compared to its average volume of 1,614,833. The firm has a market cap of $7.11 billion, a P/E ratio of 22.35, a price-to-earnings-growth ratio of 1.81 and a beta of 1.37. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a one year low of $26.52 and a one year high of $51.69. The stock’s fifty day moving average is $45.74 and its 200 day moving average is $42.09.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the previous year, the firm posted $0.84 EPS. Synovus Financial’s revenue was up 2.6% on a year-over-year basis. As a group, equities analysts predict that Synovus Financial Corp. will post 4.34 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.08%. Synovus Financial’s dividend payout ratio is presently 68.78%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SNV. Bank of America increased their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. DA Davidson boosted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Citigroup set a $59.00 target price on shares of Synovus Financial in a report on Friday, October 18th. Royal Bank of Canada lifted their price target on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Morgan Stanley raised their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.24.

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.