Monarch Partners Asset Management LLC bought a new stake in Synovus Financial Corp. (NYSE:SNV) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 121,015 shares of the bank’s stock, valued at approximately $4,158,000.
Other large investors have also recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Synovus Financial by 30.5% in the fourth quarter. BlackRock Inc. now owns 15,241,685 shares of the bank’s stock valued at $487,582,000 after purchasing an additional 3,558,924 shares in the last quarter. Vanguard Group Inc increased its holdings in shares of Synovus Financial by 3.6% in the third quarter. Vanguard Group Inc now owns 11,158,600 shares of the bank’s stock valued at $510,952,000 after purchasing an additional 387,831 shares in the last quarter. Synovus Financial Corp increased its holdings in shares of Synovus Financial by 0.5% in the fourth quarter. Synovus Financial Corp now owns 5,995,624 shares of the bank’s stock valued at $191,814,000 after purchasing an additional 31,036 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Synovus Financial by 57.4% in the fourth quarter. Bank of New York Mellon Corp now owns 2,410,411 shares of the bank’s stock valued at $77,110,000 after purchasing an additional 878,558 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Synovus Financial by 32.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock valued at $70,065,000 after purchasing an additional 530,991 shares in the last quarter. Institutional investors own 74.02% of the company’s stock.
SNV traded up $0.48 during trading on Friday, reaching $34.29. 998,232 shares of the company’s stock were exchanged, compared to its average volume of 2,187,479. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.93 and a current ratio of 0.94. Synovus Financial Corp. has a fifty-two week low of $29.93 and a fifty-two week high of $57.40. The firm has a market capitalization of $5.40 billion, a PE ratio of 9.42, a P/E/G ratio of 1.09 and a beta of 1.25.
Synovus Financial (NYSE:SNV) last released its earnings results on Tuesday, April 23rd. The bank reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.08. Synovus Financial had a net margin of 24.36% and a return on equity of 15.58%. The firm had revenue of $476.50 million during the quarter, compared to analyst estimates of $459.05 million. During the same quarter in the previous year, the business earned $0.86 EPS. The business’s quarterly revenue was up 39.6% compared to the same quarter last year. Equities analysts forecast that Synovus Financial Corp. will post 4.03 EPS for the current year.
SNV has been the subject of a number of research reports. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b-” rating in a report on Thursday, February 28th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $49.00 price target on shares of Synovus Financial in a report on Sunday, February 24th. Raymond James reissued a “buy” rating and issued a $44.00 price target on shares of Synovus Financial in a report on Thursday, February 21st. Finally, Bank of America reissued a “buy” rating and issued a $48.00 price target (up previously from $40.00) on shares of Synovus Financial in a report on Tuesday, March 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $45.13.
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Synovus Financial Company Profile
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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