Elkfork Partners LLC Has $720,000 Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Elkfork Partners LLC trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 11.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,580 shares of the bank’s stock after selling 2,660 shares during the quarter. Elkfork Partners LLC’s holdings in Synovus Financial were worth $720,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SNV. Canada Pension Plan Investment Board lifted its stake in Synovus Financial by 75.3% during the second quarter. Canada Pension Plan Investment Board now owns 64,299 shares of the bank’s stock worth $2,250,000 after purchasing an additional 27,613 shares during the last quarter. Natixis Advisors L.P. acquired a new position in Synovus Financial during the second quarter worth approximately $454,000. GAM Holding AG acquired a new position in Synovus Financial during the second quarter worth approximately $309,000. Community Capital Management Inc. acquired a new position in Synovus Financial during the second quarter worth approximately $525,000. Finally, Pacer Advisors Inc. acquired a new position in Synovus Financial during the second quarter worth approximately $2,216,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

SNV has been the topic of several research analyst reports. Hovde Group raised Synovus Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $40.00 to $42.00 in a research report on Tuesday, August 27th. Evercore ISI raised Synovus Financial from an “in-line” rating to an “outperform” rating in a research report on Thursday, August 8th. ValuEngine raised Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 27th. DA Davidson began coverage on Synovus Financial in a report on Tuesday, August 20th. They issued a “buy” rating and a $41.00 target price on the stock. Finally, Raymond James dropped their target price on Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating on the stock in a report on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $43.70.

SNV opened at $35.65 on Friday. The business’s fifty day moving average is $35.90 and its two-hundred day moving average is $35.45. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $5.44 billion, a price-to-earnings ratio of 9.79, a PEG ratio of 1.12 and a beta of 1.34. Synovus Financial Corp. has a one year low of $29.93 and a one year high of $47.04.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, July 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.01. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The business had revenue of $487.90 million for the quarter, compared to the consensus estimate of $482.13 million. During the same period in the prior year, the business earned $0.92 earnings per share. The business’s revenue was up 36.2% on a year-over-year basis. On average, analysts predict that Synovus Financial Corp. will post 4.01 EPS for the current fiscal year.

The firm also recently announced a — dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, September 18th. This represents a yield of 3.3%. Synovus Financial’s payout ratio is currently 32.97%.

In related news, VP Mark G. Holladay sold 5,000 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $35.72, for a total value of $178,600.00. Following the completion of the transaction, the vice president now directly owns 60,289 shares in the company, valued at $2,153,523.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Synovus Financial Company Profile

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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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