EverSource Wealth Advisors LLC Purchases 298 Shares of Synovus Financial Corp. (NYSE:SNV)

EverSource Wealth Advisors LLC increased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 18.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,906 shares of the bank’s stock after purchasing an additional 298 shares during the period. EverSource Wealth Advisors LLC’s holdings in Synovus Financial were worth $76,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP lifted its holdings in shares of Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after acquiring an additional 557 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $28,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $30,000. American National Bank bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $38,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $42,000. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Up 1.9 %

NYSE SNV traded up $0.76 during trading hours on Tuesday, hitting $41.42. 529,814 shares of the company traded hands, compared to its average volume of 1,433,339. The stock has a market capitalization of $6.07 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 3.32 and a beta of 1.40. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $47.83. The business’s 50-day moving average is $40.75 and its 200-day moving average is $38.93. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data 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. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter in the prior year, the business posted $1.16 EPS. The business’s revenue was down .7% compared to the same quarter last year. Sell-side analysts anticipate that Synovus Financial Corp. will post 4 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Thursday, June 20th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Eli Samaha sold 6,803 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total value of $171,571.66. Following the sale, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. The disclosure for this sale can be found here. Insiders have sold a total of 180,326 shares of company stock worth $4,557,245 in the last 90 days. Corporate insiders own 0.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Barclays upped their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. Bank of America reduced their price objective on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Finally, Jefferies Financial Group increased their price target on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and an average price target of $46.44.

Synovus Financial 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.