The Vanguard Group, Inc. has recently announced that it has increased stake in Synovus Financial Corp. (NYSE:SNV) by 0.10%. After grabbing 15.09 million shares, the institutional investor is now in possession of 15149.0 shares of the Financial Company. The new investment brought the stake of investor firm to 10.32% having worth around $568.03 million. Moreover, BlackRock Fund Advisors increased its share by 0.19 million to have a control over 12.49 million shares. And Fidelity Management & Research Co raised its holdings to 0.99 million shares by acquiring 9.52 million shares or 6.51% of the stake.
Synovus Financial Corp. (SNV) concluded trading on Thursday at a closing price of $38.95, with 2.69 million shares of worth about $104.77 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 14.36% during that period and on Thursday, January 25 the price saw a gain of about 0.78%. Currently the company’s common shares owned by public are about 146.71M shares, out of which, 145.63M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 93 times over the past 12 months. They bought 107,590 shares in 58 of the transactions. In 35 selling transactions, insiders dumped 56,289 shares.
iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market ETF, and Fidelity Low Priced Stock Fund are the top 3 mutual funds which are holding stakes in Synovus Financial Corp. iShares Core S&P Mid Cap ETF is currently holding 4.44 million shares of worth totaling $167.29 million. The company recently came buying 4020.0 shares which brought its stake up to 3.04% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 3928.0 shares, after which its hold over company’s outstanding shares expand to 2.98%, leaving 4.36 million shares with the mutual fund that have a worth of about $164.31 million. Fidelity Low Priced Stock Fund, after buying 3.63 million shares, have now control over 2.48% of the stake in the company. It holds 0.28 million shares of worth $136.61 million.
However, the stock later moved at a day high price of 39.15, or with a gain of 0.78%. Stock saw a price change of 6.10% in past 5 days and over the past one month there was a price change of 3.10%. Year-to-date (YTD), SNV shares are showing a performance of 3.45% which decreased to -1.86% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $24.40 but also hit the highest price of $44.44 during that period. The average intraday trading volume for Synovus Financial Corp. shares is 1.47 million. The stock is currently trading 5.01% above its 20-day simple moving average (SMA20), while that difference is up 11.78% for SMA50 and it goes to 25.99% higher than SMA200.
The Vanguard Group, Inc. acquired 15.09 million shares of Synovus Financial Corp. having value of about $568.03 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 15149.0 shares in the company valued at close to $590053.55, or have control over 0.10% stake in the company. Synovus Financial Corp. (NYSE: SNV) currently have 146.71M outstanding shares and institutions hold larger chunk of about 82.20% of that. Holding of mutual funds in the company is about 34.49% while other institutional holders and individual stake holders have control over 47.76% and 1.37% of the stake respectively.
The stock has a current market capitalization of $5.71B and its 3Y-monthly beta is at 1.44. PE ratio of stock for trailing 12 months is 11.26, while it has posted earnings per share of $3.46 in the same period. It has a debt-to-equity ratio of 0.42. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for SNV, volatility over the week remained 2.24% while standing at 2.43% over the month.
Analysts are in expectations that Synovus Financial Corp. (SNV) stock would likely to be making an EPS of $0.98 in the current quarter, while forecast for next quarter EPS is $0.99 and it is $4.42 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.86 which is $1.05 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.33 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -1.96% while it is estimated to increase by 9.58% in next year. EPS is likely to shrink at an annualized rate of -1.40% for next 5-years, compared to annual growth of -0.04% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by UBS on January 08, 2024 offering a Buy rating for the stock and assigned a target price of $42 to it.
