Synovus Financial Corp. (NYSE:SNV) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its position in shares of Synovus Financial Corp. (NYSE:SNV) by 7.2% during the third quarter, Holdings Channel reports. The fund owned 77,811 shares of the bank’s stock after selling 6,033 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Synovus Financial were worth $3,460,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cornercap Investment Counsel Inc. acquired a new stake in shares of Synovus Financial during the third quarter worth $508,000. Huntington National Bank lifted its position in Synovus Financial by 53.6% during the third quarter. Huntington National Bank now owns 2,712 shares of the bank’s stock worth $121,000 after buying an additional 946 shares during the period. KBC Group NV boosted its stake in Synovus Financial by 15.9% in the 3rd quarter. KBC Group NV now owns 4,460 shares of the bank’s stock worth $198,000 after buying an additional 612 shares during the last quarter. Aigen Investment Management LP purchased a new stake in Synovus Financial in the 3rd quarter valued at about $409,000. Finally, Winslow Asset Management Inc. increased its stake in shares of Synovus Financial by 4.3% during the 3rd quarter. Winslow Asset Management Inc. now owns 9,605 shares of the bank’s stock valued at $427,000 after acquiring an additional 400 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Morgan Stanley raised their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a report on Friday, October 18th. DA Davidson upped their price objective on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Citigroup set a $59.00 target price on Synovus Financial in a report on Friday, October 18th. Finally, Stephens upped their price target on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.71.

Synovus Financial Stock Performance

Shares of SNV stock opened at $57.62 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The company’s fifty day moving average price is $49.06 and its two-hundred day moving average price is $44.09. The firm has a market capitalization of $8.16 billion, a P/E ratio of 26.07, a P/E/G ratio of 1.99 and a beta of 1.37. Synovus Financial Corp. has a 12 month low of $29.34 and a 12 month high of $59.79.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the business posted $0.84 earnings per share. Synovus Financial’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts anticipate that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.64%. Synovus Financial’s dividend payout ratio is presently 68.78%.

About Synovus Financial

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.