Kevin Joseph Howard Sells 7,000 Shares of Synovus Financial Corp. (SNV) Stock

Synovus Financial Corp. (NYSE:SNV) EVP Kevin Joseph Howard sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $43.37, for a total value of $303,590.00. Following the sale, the executive vice president now owns 46,490 shares in the company, valued at $2,016,271.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Shares of Synovus Financial Corp. (NYSE:SNV) opened at 42.10 on Friday. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 19.12 and a beta of 1.12. The company has a 50-day moving average price of $43.87 and a 200 day moving average price of $42.35. Synovus Financial Corp. has a 52 week low of $31.24 and a 52 week high of $45.38.

Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 analyst estimates of $317.81 million. During the same quarter last year, the company posted $0.46 EPS. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. Analysts expect that Synovus Financial Corp. will post $2.46 EPS for the current fiscal year.

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Several institutional investors have recently modified their holdings of SNV. Allianz Asset Management AG acquired a new position in shares of Synovus Financial Corp. during the fourth quarter valued at about $283,000. Envestnet Asset Management Inc. raised its position in shares of Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock valued at $132,000 after buying an additional 297 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Synovus Financial Corp. during the fourth quarter valued at about $254,000. Quadrature Capital Ltd acquired a new position in shares of Synovus Financial Corp. during the fourth quarter valued at about $609,000. Finally, Highbridge Capital Management LLC acquired a new position in shares of Synovus Financial Corp. during the fourth quarter valued at about $288,000. Institutional investors own 78.35% of the company’s stock.

A number of analysts have recently issued reports on the company. Zacks Investment Research cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. BidaskClub cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Barclays PLC restated an “equal weight” rating and set a $46.00 price objective (up from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $43.00 price objective on shares of Synovus Financial Corp. in a research report on Friday, May 19th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $42.78.

About Synovus Financial Corp.

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.

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