Sippican Capital Advisors Sells 9,202 Shares of Synovus Financial Corp. (SNV)

Sippican Capital Advisors trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 33.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,673 shares of the bank’s stock after selling 9,202 shares during the quarter. Sippican Capital Advisors’ holdings in Synovus Financial were worth $642,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of SNV. United Services Automobile Association grew its stake in Synovus Financial by 7.0% during the third quarter. United Services Automobile Association now owns 73,274 shares of the bank’s stock worth $3,355,000 after buying an additional 4,788 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Synovus Financial by 182.8% during the third quarter. JPMorgan Chase & Co. now owns 1,318,252 shares of the bank’s stock valued at $60,363,000 after purchasing an additional 852,158 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Synovus Financial by 246.4% during the third quarter. Renaissance Technologies LLC now owns 395,155 shares of the bank’s stock valued at $18,094,000 after purchasing an additional 281,082 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Synovus Financial during the third quarter valued at approximately $316,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Synovus Financial by 3.0% during the third quarter. The Manufacturers Life Insurance Company now owns 194,385 shares of the bank’s stock valued at $8,901,000 after purchasing an additional 5,736 shares during the last quarter. 68.32% of the stock is currently owned by hedge funds and other institutional investors.

SNV stock traded down $0.21 during midday trading on Wednesday, reaching $36.32. The company’s stock had a trading volume of 35,022 shares, compared to its average volume of 1,942,326. Synovus Financial Corp. has a 52 week low of $29.93 and a 52 week high of $57.40. The stock has a market cap of $5.66 billion, a PE ratio of 10.00, a PEG ratio of 1.14 and a beta of 1.24. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 0.97.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, January 15th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). Synovus Financial had a net margin of 26.38% and a return on equity of 15.68%. The business had revenue of $365.90 million during the quarter, compared to the consensus estimate of $370.64 million. During the same period in the previous year, the business posted $0.70 earnings per share. Synovus Financial’s revenue was up 7.9% compared to the same quarter last year. As a group, sell-side analysts predict that Synovus Financial Corp. will post 3.91 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 3.30%. Synovus Financial’s dividend payout ratio (DPR) is 32.97%.

SNV has been the topic of several research analyst reports. Piper Jaffray Companies raised shares of Synovus Financial from a “neutral” rating to an “overweight” rating and increased their price target for the company from $44.00 to $45.00 in a research note on Tuesday, January 22nd. Barclays raised shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $47.00 to $45.00 in a research note on Thursday, January 10th. Bank of America reissued a “buy” rating and set a $48.00 price target (up from $40.00) on shares of Synovus Financial in a research note on Tuesday, March 12th. Raymond James raised shares of Synovus Financial from an “outperform” rating to a “strong-buy” rating and set a $44.00 price target on the stock in a research note on Thursday, April 4th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $49.00 price target on shares of Synovus Financial in a research note on Sunday, February 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $45.98.

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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 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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