Picton Mahoney Asset Management reduced its holdings in Synovus Financial Corp. (NYSE:SNV) by 5.8% during the third quarter, Holdings Channel reports. The fund owned 27,400 shares of the bank’s stock after selling 1,700 shares during the quarter. Picton Mahoney Asset Management’s holdings in Synovus Financial were worth $1,255,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of Synovus Financial by 2.2% in the first quarter. Principal Financial Group Inc. now owns 520,721 shares of the bank’s stock valued at $26,005,000 after purchasing an additional 11,264 shares during the period. Allianz Asset Management GmbH boosted its stake in shares of Synovus Financial by 950.8% in the first quarter. Allianz Asset Management GmbH now owns 108,661 shares of the bank’s stock valued at $5,426,000 after purchasing an additional 98,320 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Synovus Financial by 31.9% in the second quarter. State of Alaska Department of Revenue now owns 12,247 shares of the bank’s stock valued at $646,000 after purchasing an additional 2,960 shares during the period. Xact Kapitalforvaltning AB boosted its stake in shares of Synovus Financial by 29.7% in the second quarter. Xact Kapitalforvaltning AB now owns 17,453 shares of the bank’s stock valued at $922,000 after purchasing an additional 4,000 shares during the period. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of Synovus Financial in the second quarter valued at $1,308,000. Institutional investors and hedge funds own 81.84% of the company’s stock.
NYSE SNV opened at $37.69 on Friday. Synovus Financial Corp. has a 12 month low of $36.24 and a 12 month high of $57.40. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 11.09, a P/E/G ratio of 1.31 and a beta of 1.18.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Tuesday, October 23rd. The bank reported $0.95 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.03. Synovus Financial had a net margin of 22.41% and a return on equity of 15.05%. The firm had revenue of $363.29 million for the quarter, compared to the consensus estimate of $368.24 million. During the same period in the prior year, the firm posted $0.78 EPS. The firm’s revenue was up 1.5% compared to the same quarter last year. On average, research analysts expect that Synovus Financial Corp. will post 3.65 EPS for the current fiscal year.
In other Synovus Financial news, CFO Kevin S. Blair purchased 750 shares of Synovus Financial stock in a transaction dated Thursday, October 25th. The shares were bought at an average cost of $37.18 per share, for a total transaction of $27,885.00. Following the transaction, the chief financial officer now owns 53,986 shares in the company, valued at approximately $2,007,199.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Elizabeth W. Camp purchased 3,000 shares of Synovus Financial stock in a transaction dated Thursday, October 25th. The stock was acquired at an average price of $36.97 per share, for a total transaction of $110,910.00. Following the completion of the transaction, the director now owns 16,718 shares in the company, valued at approximately $618,064.46. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company’s stock.
Several research analysts have recently weighed in on the stock. Stephens restated an “equal weight” rating and issued a $31.00 target price on shares of Synovus Financial in a research note on Tuesday, July 24th. Zacks Investment Research downgraded shares of Synovus Financial from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Morgan Stanley decreased their target price on shares of Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 31st. ValuEngine downgraded shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, September 26th. Finally, Barclays reduced their price objective on shares of Synovus Financial from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $52.46.
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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
Further Reading: Outstanding Shares
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