Insider Selling: Synovus Financial Corp. (SNV) EVP Sells 7,000 Shares of Stock

Synovus Financial Corp. (NYSE:SNV) EVP Kevin Joseph Howard sold 7,000 shares of the stock in a transaction 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 transaction, the executive vice president now owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of Synovus Financial Corp. (NYSE SNV) traded down 0.36% during trading on Friday, hitting $41.54. 780,549 shares of the stock traded hands. The stock has a 50 day moving average price of $43.77 and a 200-day moving average price of $42.36. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of 18.86 and a beta of 1.12. Synovus Financial Corp. has a 1-year low of $31.41 and a 1-year high of $45.38.

Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.01. The business had revenue of $319.80 million for the quarter, compared to the consensus estimate of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The company’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 earnings per share. Equities analysts forecast that Synovus Financial Corp. will post $2.46 EPS for the current year.

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SNV has been the subject of a number of recent analyst reports. Barclays PLC reiterated an “equal weight” rating and issued a $44.00 price target (up previously from $42.00) on shares of Synovus Financial Corp. in a research note on Saturday, April 22nd. Bank of America Corporation upgraded shares of Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Thursday, May 11th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $43.00 price target on shares of Synovus Financial Corp. in a research note on Friday, May 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $47.00 price target on shares of Synovus Financial Corp. in a research note on Sunday, June 11th. Finally, ValuEngine upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Synovus Financial Corp. has a consensus rating of “Hold” and a consensus price target of $42.78.

Large investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC increased its stake in Synovus Financial Corp. by 17.8% in the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after buying an additional 519 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Synovus Financial Corp. during the second quarter valued at approximately $278,000. Koch Industries Inc. acquired a new stake in Synovus Financial Corp. during the second quarter valued at approximately $283,000. Keel Point LLC increased its stake in Synovus Financial Corp. by 8.7% in the second quarter. Keel Point LLC now owns 6,262 shares of the bank’s stock valued at $277,000 after buying an additional 501 shares during the period. Finally, Ameritas Investment Partners Inc. increased its stake in Synovus Financial Corp. by 1.5% in the second quarter. Ameritas Investment Partners Inc. now owns 36,598 shares of the bank’s stock valued at $1,619,000 after buying an additional 546 shares during the period. 77.61% of the stock is currently owned by institutional investors and hedge funds.

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.

Insider Buying and Selling by Quarter for Synovus Financial Corp. (NYSE:SNV)

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