Northwestern Mutual Investment Management Company LLC lifted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 2.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,667 shares of the bank’s stock after purchasing an additional 591 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Synovus Financial Corp. were worth $628,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SNV. Balentine LLC increased its stake in shares of Synovus Financial Corp. by 0.3% during the first quarter. Balentine LLC now owns 3,108 shares of the bank’s stock worth $128,000 after purchasing an additional 9 shares during the period. Meeder Asset Management Inc. bought a new position in shares of Synovus Financial Corp. during the first quarter worth approximately $135,000. PNC Financial Services Group Inc. increased its stake in shares of Synovus Financial Corp. by 21.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after purchasing an additional 622 shares during the period. Neuburgh Advisers LLC increased its stake in shares of Synovus Financial Corp. by 14.0% during the first quarter. Neuburgh Advisers LLC now owns 4,704 shares of the bank’s stock worth $193,000 after purchasing an additional 576 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Synovus Financial Corp. by 11.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock worth $204,000 after purchasing an additional 474 shares during the period. Institutional investors own 77.89% of the company’s stock.

A number of brokerages have recently weighed in on SNV. Zacks Investment Research lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. BidaskClub lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Barclays PLC reissued an “equal weight” rating and set a $46.00 price target (up previously from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $43.00 price target on shares of Synovus Financial Corp. in a research report on Friday, May 19th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $42.50.

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Shares of Synovus Financial Corp. (NYSE:SNV) opened at 41.18 on Monday. The firm has a 50 day moving average price of $42.60 and a 200-day moving average price of $42.34. Synovus Financial Corp. has a one year low of $31.41 and a one year high of $45.38. The firm has a market cap of $5.00 billion, a P/E ratio of 18.70 and a beta of 1.12.

Synovus Financial Corp. (NYSE:SNV) last announced its earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The company had revenue of $319.80 million during the quarter, compared to analyst estimates of $317.81 million. During the same period in the previous year, the business earned $0.46 earnings per share. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. Analysts forecast that Synovus Financial Corp. will post $2.46 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Thursday, September 21st will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.46%. Synovus Financial Corp.’s payout ratio is 27.15%.

In related news, EVP Curtis J. Perry sold 7,062 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $43.86, for a total value of $309,739.32. Following the completion of the transaction, the executive vice president now directly owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kevin Joseph Howard sold 7,000 shares of the stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $43.37, for a total transaction of $303,590.00. Following the completion of the transaction, the executive vice president now directly owns 46,490 shares of the company’s stock, valued at $2,016,271.30. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Synovus Financial Corp. Company Profile

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

Institutional Ownership by Quarter for Synovus Financial Corp. (NYSE:SNV)

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