Bessemer Group Inc. Has $9.81 Million Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Bessemer Group Inc. lifted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 7.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 244,814 shares of the bank’s stock after purchasing an additional 16,640 shares during the period. Bessemer Group Inc. owned about 0.17% of Synovus Financial worth $9,806,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SNV. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Synovus Financial by 92.0% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock worth $1,852,000 after acquiring an additional 22,621 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Synovus Financial by 7.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 147,987 shares of the bank’s stock worth $5,928,000 after purchasing an additional 9,846 shares during the last quarter. Qsemble Capital Management LP acquired a new stake in Synovus Financial in the first quarter valued at $1,010,000. Inspire Advisors LLC raised its position in Synovus Financial by 2.8% during the 1st quarter. Inspire Advisors LLC now owns 31,281 shares of the bank’s stock worth $1,253,000 after purchasing an additional 857 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in Synovus Financial by 0.3% during the 1st quarter. Swiss National Bank now owns 288,819 shares of the bank’s stock worth $11,570,000 after buying an additional 800 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Insider Transactions at Synovus Financial

In related news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the completion of the sale, the insider now directly owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP D Wayne Akins, Jr. bought 24,500 shares of the company’s stock in a transaction on Friday, June 7th. The shares were purchased at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the purchase, the executive vice president now directly owns 41,884 shares in the company, valued at $1,566,461.60. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the transaction, the insider now directly owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The disclosure for this sale can be found here. Insiders have sold 179,712 shares of company stock worth $4,528,878 in the last 90 days. Insiders own 0.81% of the company’s stock.

Synovus Financial Stock Up 1.7 %

Synovus Financial stock traded up $0.78 during mid-day trading on Thursday, reaching $46.60. The stock had a trading volume of 201,583 shares, compared to its average volume of 1,428,188. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The stock’s 50-day simple moving average is $39.84 and its 200-day simple moving average is $38.41. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $47.76. The firm has a market capitalization of $6.82 billion, a PE ratio of 15.69, a price-to-earnings-growth ratio of 3.75 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating 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 analyst estimates of $543.52 million. During the same quarter last year, the company earned $1.16 earnings per share. The company’s revenue for the quarter was down .7% on a year-over-year basis. On average, sell-side analysts forecast that Synovus Financial Corp. will post 3.93 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $1.52 annualized dividend and a yield of 3.26%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SNV shares. Piper Sandler raised their price objective on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Raymond James lowered shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Bank of America decreased their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, April 19th. DA Davidson lifted their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Barclays upped their price target on shares of Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.81.

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.