Wedmont Private Capital Has $373,000 Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Wedmont Private Capital decreased its stake in Synovus Financial Corp. (NYSE:SNV) by 21.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,767 shares of the bank’s stock after selling 2,385 shares during the quarter. Wedmont Private Capital’s holdings in Synovus Financial were worth $373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Allworth Financial LP raised its holdings in shares of Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after acquiring an additional 557 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Synovus Financial during the 4th quarter worth about $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Synovus Financial during the 4th quarter valued at about $30,000. American National Bank bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $38,000. Finally, Tennessee Valley Asset Management Partners acquired a new position in Synovus Financial in the fourth quarter worth approximately $42,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Morgan Stanley lifted their target price on Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Wells Fargo & Company increased their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods lifted their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Finally, Stephens increased their price target on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average target price of $46.44.

Synovus Financial Stock Performance

Shares of Synovus Financial stock traded up $0.44 during trading on Tuesday, hitting $41.72. 781,458 shares of the stock were exchanged, compared to its average volume of 1,423,405. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $47.83. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 3.27 and a beta of 1.40. The company has a fifty day moving average price of $40.97 and a 200-day moving average price of $39.03. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The firm had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.16 earnings per share. As a group, equities analysts predict that Synovus Financial Corp. will post 4 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm 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. This represents a $1.52 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend was Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of Synovus Financial stock in a transaction on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the transaction, the insider now directly owns 1,293,259 shares of the company’s stock, valued at approximately $32,590,126.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, 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 sale, the insider now owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The disclosure for this sale can be found here. Insiders have sold a total of 180,326 shares of company stock worth $4,557,245 in the last quarter. Corporate insiders own 0.81% of the company’s stock.

Synovus Financial Profile

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.