ClariVest Asset Management LLC lowered its holdings in shares of Synovus (NYSE:SNV) by 1.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 139,300 shares of the bank’s stock after selling 2,000 shares during the quarter. ClariVest Asset Management LLC’s holdings in Synovus were worth $6,956,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SNV. Carillon Tower Advisers Inc. purchased a new stake in shares of Synovus during the 4th quarter valued at about $107,998,000. APG Asset Management N.V. increased its position in shares of Synovus by 1,642.6% during the 4th quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock valued at $17,462,000 after purchasing an additional 412,300 shares during the last quarter. Deutsche Bank AG increased its position in shares of Synovus by 65.2% during the 4th quarter. Deutsche Bank AG now owns 739,948 shares of the bank’s stock valued at $35,470,000 after purchasing an additional 291,904 shares during the last quarter. First Quadrant L P CA increased its position in shares of Synovus by 85.2% during the 4th quarter. First Quadrant L P CA now owns 420,673 shares of the bank’s stock valued at $20,167,000 after purchasing an additional 193,494 shares during the last quarter. Finally, MUFG Securities EMEA plc purchased a new stake in shares of Synovus during the 1st quarter valued at about $8,989,000. 80.43% of the stock is owned by hedge funds and other institutional investors.
In other Synovus news, EVP Curtis J. Perry sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $54.36, for a total value of $108,720.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.50% of the company’s stock.
Synovus opened at $54.46 on Friday, MarketBeat.com reports. The company has a market capitalization of $6.40 billion, a P/E ratio of 21.53, a PEG ratio of 1.89 and a beta of 1.06. Synovus has a 12-month low of $53.85 and a 12-month high of $54.15. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.66.
Synovus (NYSE:SNV) last released its earnings results on Tuesday, April 24th. The bank reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.08. The company had revenue of $341.30 million during the quarter, compared to analyst estimates of $343.04 million. Synovus had a net margin of 19.87% and a return on equity of 12.29%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. analysts forecast that Synovus will post 3.57 EPS for the current year.
Synovus declared that its board has authorized a stock buyback program on Tuesday, January 23rd that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
Several research firms have recently commented on SNV. ValuEngine raised shares of Synovus from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. Zacks Investment Research raised shares of Synovus from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Monday, April 30th. Morgan Stanley upped their price target on shares of Synovus from $53.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, April 27th. JPMorgan Chase upped their price target on shares of Synovus from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, April 26th. Finally, Barclays increased their target price on shares of Synovus from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 25th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $53.40.
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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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