Vanguard Group Inc. trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 0.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,569,666 shares of the bank’s stock after selling 29,040 shares during the period. Vanguard Group Inc. owned about 8.69% of Synovus Financial Corp. worth $467,603,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Citigroup Inc. increased its stake in shares of Synovus Financial Corp. by 4.6% during the second quarter. Citigroup Inc. now owns 521,527 shares of the bank’s stock worth $23,073,000 after buying an additional 23,073 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Synovus Financial Corp. during the second quarter worth approximately $527,000. UBS Asset Management Americas Inc. increased its stake in shares of Synovus Financial Corp. by 16.5% during the second quarter. UBS Asset Management Americas Inc. now owns 88,496 shares of the bank’s stock worth $3,915,000 after buying an additional 12,528 shares during the period. Quantitative Investment Management LLC purchased a new stake in shares of Synovus Financial Corp. during the second quarter worth approximately $3,941,000. Finally, Mutual of America Capital Management LLC increased its stake in shares of Synovus Financial Corp. by 1.1% during the second quarter. Mutual of America Capital Management LLC now owns 99,057 shares of the bank’s stock worth $4,382,000 after buying an additional 1,093 shares during the period. Hedge funds and other institutional investors own 77.86% of the company’s stock.

In other Synovus Financial Corp. news, EVP Kevin Joseph Howard sold 7,000 shares of Synovus Financial Corp. stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $43.37, for a total transaction of $303,590.00. Following the sale, the executive vice president now directly owns 46,490 shares in the company, valued at approximately $2,016,271.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total value of $309,739.32. Following the sale, the executive vice president now owns 60,038 shares in the company, valued at $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

SNV has been the topic of a number of recent research reports. ValuEngine upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Zacks Investment Research upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Wednesday, July 19th. Stephens restated a “buy” rating and set a $46.00 target price on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Robert W. Baird restated a “hold” rating and set a $40.00 target price on shares of Synovus Financial Corp. in a research note on Friday, August 25th. Finally, Jefferies Group LLC restated a “hold” rating and set a $47.00 target price on shares of Synovus Financial Corp. in a research note on Friday, July 14th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $43.30.

Synovus Financial Corp. (SNV) opened at 46.17 on Thursday. The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of 20.97 and a beta of 1.10. The firm has a 50-day moving average of $43.09 and a 200 day moving average of $42.57. Synovus Financial Corp. has a 52 week low of $31.41 and a 52 week high of $46.56.

Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The company had revenue of $319.80 million for the quarter, compared to the consensus estimate of $317.81 million. During the same period in the previous year, the business earned $0.46 EPS. Synovus Financial Corp.’s revenue for the quarter was up 10.5% compared to the same quarter last year. On average, analysts anticipate that Synovus Financial Corp. will post $2.47 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Thursday, September 21st were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, September 20th. This represents a $0.60 annualized dividend and a yield of 1.30%. Synovus Financial Corp.’s dividend payout ratio is presently 27.15%.

COPYRIGHT VIOLATION WARNING: This article was reported by Marea Informative and is the sole property of of Marea Informative. If you are viewing this article on another domain, it was copied illegally and reposted in violation of international copyright and trademark law. The correct version of this article can be accessed at http://www.mareainformativa.com/vanguard-group-inc-sells-29040-shares-of-synovus-financial-corp-snv/116864/.

Synovus Financial Corp. Company Profile

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

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).

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

Receive News & Stock Ratings for Synovus Financial Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial Corp. and related stocks with our FREE daily email newsletter.