Comerica Bank Acquires New Position in Synovus Financial Corp. (NYSE:SNV)
Comerica Bank bought a new position in shares of Synovus Financial Corp. (NYSE:SNV – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 98,270 shares of the bank’s stock, valued at approximately $2,973,000. Comerica Bank owned approximately 0.07% of Synovus Financial at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of SNV. Lazard Asset Management LLC lifted its holdings in Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after acquiring an additional 318 shares during the period. Belpointe Asset Management LLC grew its position in Synovus Financial by 138.0% during the first quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock worth $34,000 after buying an additional 635 shares during the period. Neo Ivy Capital Management purchased a new position in Synovus Financial in the second quarter valued at about $48,000. Covestor Ltd lifted its position in shares of Synovus Financial by 76.7% during the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after acquiring an additional 472 shares during the period. Finally, Carolinas Wealth Consulting LLC boosted its stake in shares of Synovus Financial by 54.9% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 2,258 shares of the bank’s stock worth $70,000 after acquiring an additional 800 shares in the last quarter. 79.92% of the stock is owned by institutional investors and hedge funds.
Synovus Financial Stock Performance
Shares of SNV stock opened at $38.81 on Tuesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of 8.82 and a beta of 1.39. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $44.44. The company has a 50 day moving average price of $29.86 and a 200 day moving average price of $30.47.
Synovus Financial (NYSE:SNV – Get Free Report) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.84 EPS for the quarter, hitting analysts’ consensus estimates of $0.84. Synovus Financial had a return on equity of 17.48% and a net margin of 20.14%. The business had revenue of $550.30 million during the quarter, compared to the consensus estimate of $539.16 million. During the same period in the prior year, the firm posted $1.34 EPS. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.24 EPS for the current year.
Synovus Financial Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Thursday, December 21st will be issued a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, December 20th. This represents a $1.52 annualized dividend and a yield of 3.92%. Synovus Financial’s payout ratio is 34.55%.
Insider Buying and Selling at Synovus Financial
In related news, major shareholder Eli Samaha purchased 8,884 shares of the stock in a transaction that occurred on Thursday, September 21st. The stock was purchased at an average cost of $21.25 per share, for a total transaction of $188,785.00. Following the acquisition, the insider now owns 1,643,391 shares in the company, valued at $34,922,058.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Eli Samaha acquired 8,884 shares of the company’s stock in a transaction dated Thursday, September 21st. The shares were bought at an average price of $21.25 per share, for a total transaction of $188,785.00. Following the completion of the purchase, the insider now directly owns 1,643,391 shares of the company’s stock, valued at approximately $34,922,058.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Allan E. Kamensky sold 19,301 shares of the business’s stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $35.01, for a total transaction of $675,728.01. Following the transaction, the executive vice president now directly owns 66,783 shares in the company, valued at $2,338,072.83. The disclosure for this sale can be found here. Insiders have acquired a total of 38,776 shares of company stock valued at $826,332 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.
Analyst Ratings Changes
Several brokerages recently issued reports on SNV. Jefferies Financial Group reduced their price objective on Synovus Financial from $37.00 to $31.00 in a report on Tuesday, October 10th. Bank of America decreased their price objective on shares of Synovus Financial from $37.00 to $34.00 in a research report on Tuesday, October 10th. The Goldman Sachs Group raised their target price on shares of Synovus Financial from $33.00 to $37.00 and gave the company a “neutral” rating in a report on Monday. Wells Fargo & Company dropped their price objective on shares of Synovus Financial from $45.00 to $33.00 and set an “overweight” rating for the company in a research note on Wednesday, October 4th. Finally, JPMorgan Chase & Co. reduced their target price on Synovus Financial from $40.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, October 5th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.08.
View Our Latest Stock Report on Synovus Financial
Synovus Financial Profile (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 loans.
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Original: MarketBeat News Feed: Comerica Bank Acquires New Position in Synovus Financial Corp. (NYSE:SNV)