Shelton Capital Management Acquires New Position in Synovus Financial Corp. (SNV)
Shelton Capital Management bought a new position in Synovus Financial Corp. (NYSE:SNV) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,266 shares of the bank’s stock, valued at approximately $410,000.
Other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new position in Synovus Financial Corp. in the first quarter worth about $135,000. PNC Financial Services Group Inc. raised its holdings in Synovus Financial Corp. by 21.3% in 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 in the last quarter. TLP Group LLC bought a new position in Synovus Financial Corp. in the second quarter worth about $145,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Synovus Financial Corp. by 11.5% in 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 in the last quarter. Finally, Two Sigma Securities LLC bought a new position in Synovus Financial Corp. in the first quarter worth about $216,000. Institutional investors and hedge funds own 77.87% of the company’s stock.
A number of brokerages have commented on SNV. Barclays PLC set a $48.00 target price on shares of Synovus Financial Corp. and gave the stock a “hold” rating in a report on Wednesday, July 19th. Stephens set a $46.00 target price on shares of Synovus Financial Corp. and gave the stock a “buy” rating in a report on Tuesday, August 15th. Royal Bank Of Canada began coverage on shares of Synovus Financial Corp. in a report on Monday, July 17th. They issued an “outperform” rating and a $51.00 target price for the company. Zacks Investment Research upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a report on Tuesday, September 12th. Finally, BidaskClub downgraded shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. Synovus Financial Corp. presently has a consensus rating of “Hold” and an average price target of $43.30.
Shares of Synovus Financial Corp. (SNV) opened at 47.11 on Wednesday. The company has a 50-day moving average price of $43.65 and a 200-day moving average price of $42.80. Synovus Financial Corp. has a 12 month low of $31.41 and a 12 month high of $47.32. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 21.39 and a beta of 1.10.
Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.59 by $0.01. The company had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The firm’s revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 earnings per share. On average, analysts expect that Synovus Financial Corp. will post $2.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Thursday, September 21st were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.27%. The ex-dividend date was Wednesday, September 20th. Synovus Financial Corp.’s dividend payout ratio (DPR) is 27.15%.
In other Synovus Financial Corp. news, EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total transaction of $309,739.32. Following the transaction, the executive vice president now owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kevin Joseph Howard sold 7,000 shares of Synovus Financial Corp. stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $43.37, for a total value of $303,590.00. Following the transaction, the executive vice president now directly owns 46,490 shares in the company, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. 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.
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