Synovus Financial Corp. (SNV) CEO Buys $260,400.00 in Stock
Synovus Financial Corp. (NYSE:SNV) CEO Kessel D. Stelling bought 7,500 shares of the company’s stock in a transaction dated Thursday, December 6th. The stock was bought at an average cost of $34.72 per share, with a total value of $260,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
NYSE SNV traded down $0.67 during trading hours on Thursday, reaching $34.78. 3,682,700 shares of the company’s stock were exchanged, compared to its average volume of 1,233,365. The firm has a market cap of $4.13 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.22 and a beta of 1.16. Synovus Financial Corp. has a one year low of $33.91 and a one year high of $57.40. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.97 and a quick ratio of 0.97.
Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.03. The business had revenue of $363.29 million for the quarter, compared to analyst estimates of $368.24 million. Synovus Financial had a return on equity of 15.05% and a net margin of 22.41%. Synovus Financial’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 EPS. As a group, equities analysts expect that Synovus Financial Corp. will post 3.64 earnings per share for the current year.
A number of brokerages have recently issued reports on SNV. Barclays dropped their target price on Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating for the company in a report on Wednesday, October 24th. ValuEngine cut Synovus Financial from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 24th. Wells Fargo & Co set a $51.00 target price on Synovus Financial and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Morgan Stanley reissued a “hold” rating and issued a $55.00 target price (down from $56.00) on shares of Synovus Financial in a report on Tuesday, September 18th. Finally, Stephens reissued a “hold” rating and issued a $54.00 target price on shares of Synovus Financial in a report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. Synovus Financial currently has an average rating of “Hold” and a consensus price target of $51.17.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC grew its position in Synovus Financial by 265.5% during the 2nd quarter. Signaturefd LLC now owns 2,054 shares of the bank’s stock worth $109,000 after acquiring an additional 1,492 shares during the last quarter. Stratos Wealth Partners LTD. bought a new stake in Synovus Financial during the 3rd quarter worth approximately $113,000. Itau Unibanco Holding S.A. bought a new stake in Synovus Financial during the 2nd quarter worth approximately $128,000. Oakworth Capital Inc. grew its position in Synovus Financial by 225.2% during the 3rd quarter. Oakworth Capital Inc. now owns 3,915 shares of the bank’s stock worth $179,000 after acquiring an additional 2,711 shares during the last quarter. Finally, FineMark National Bank & Trust bought a new stake in Synovus Financial during the 3rd quarter worth approximately $203,000. Institutional investors and hedge funds own 80.83% of the company’s stock.
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.
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