Nomura Holdings Inc. increased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 60.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,602 shares of the bank’s stock after buying an additional 4,764 shares during the period. Nomura Holdings Inc.’s holdings in Synovus Financial were worth $666,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in SNV. Millennium Management LLC increased its stake in Synovus Financial by 70.6% during the 1st quarter. Millennium Management LLC now owns 3,589,308 shares of the bank’s stock worth $179,250,000 after buying an additional 1,485,871 shares during the period. BlackRock Inc. increased its stake in Synovus Financial by 11.3% during the 2nd quarter. BlackRock Inc. now owns 11,945,202 shares of the bank’s stock worth $631,066,000 after buying an additional 1,210,436 shares during the period. Carillon Tower Advisers Inc. increased its stake in Synovus Financial by 52.3% during the 2nd quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock worth $132,245,000 after buying an additional 891,789 shares during the period. PNC Financial Services Group Inc. increased its stake in Synovus Financial by 4,195.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 582,905 shares of the bank’s stock worth $30,796,000 after buying an additional 569,336 shares during the period. Finally, First Trust Advisors LP increased its stake in Synovus Financial by 101.1% during the 2nd quarter. First Trust Advisors LP now owns 1,057,997 shares of the bank’s stock worth $55,894,000 after buying an additional 531,793 shares during the period. 81.01% of the stock is currently owned by hedge funds and other institutional investors.
In other Synovus Financial news, EVP Allan E. Kamensky purchased 1,000 shares of the firm’s stock in a transaction dated Friday, July 27th. The stock was acquired at an average cost of $50.06 per share, with a total value of $50,060.00. Following the acquisition, the executive vice president now owns 66,166 shares of the company’s stock, valued at approximately $3,312,269.96. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Kevin S. Blair purchased 1,310 shares of the firm’s stock in a transaction dated Thursday, August 2nd. The stock was acquired at an average cost of $49.43 per share, with a total value of $64,753.30. Following the completion of the acquisition, the chief financial officer now directly owns 54,387 shares in the company, valued at approximately $2,688,349.41. The disclosure for this purchase can be found here. Insiders bought a total of 4,310 shares of company stock valued at $214,173 in the last three months. Insiders own 1.50% of the company’s stock.
Synovus Financial (NYSE:SNV) last released its earnings results on Tuesday, July 24th. The bank reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.04. The company had revenue of $359.30 million during the quarter, compared to the consensus estimate of $356.60 million. Synovus Financial had a net margin of 21.47% and a return on equity of 13.61%. The company’s revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.61 EPS. equities analysts expect that Synovus Financial Corp. will post 3.63 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Thursday, September 20th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Wednesday, September 19th. Synovus Financial’s payout ratio is currently 39.53%.
Several research firms recently issued reports on SNV. Stephens reaffirmed an “equal weight” rating and set a $31.00 price target on shares of Synovus Financial in a research note on Tuesday, July 24th. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Wednesday, August 1st. Morgan Stanley dropped their target price on shares of Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 31st. Finally, ValuEngine downgraded shares of Synovus Financial from a “buy” rating to a “hold” rating in a research report on Saturday, June 2nd. Eleven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $52.08.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
Featured Article: Fiduciary
Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV).
Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.