Synovus Financial Corp. (SNV) Stake Lowered by Pzena Investment Management LLC

Pzena Investment Management LLC lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 0.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,168,695 shares of the bank’s stock after selling 9,801 shares during the period. Pzena Investment Management LLC owned about 0.98% of Synovus Financial Corp. worth $53,830,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of SNV. Balentine LLC boosted its position in shares of Synovus Financial Corp. by 0.4% in the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after buying an additional 12 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Synovus Financial Corp. by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after buying an additional 622 shares during the period. TLP Group LLC acquired a new stake in shares of Synovus Financial Corp. in the second quarter worth $145,000. Advisory Services Network LLC boosted its position in shares of Synovus Financial Corp. by 17.8% in the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after buying an additional 519 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Synovus Financial Corp. by 11.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock worth $204,000 after buying an additional 474 shares during the period. 78.60% of the stock is owned by institutional investors and hedge funds.

Several analysts have recently commented on SNV shares. Stephens reaffirmed a “buy” rating and issued a $46.00 target price on shares of Synovus Financial Corp. in a research report on Wednesday, July 19th. Zacks Investment Research raised Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Wednesday, July 19th. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $51.00 target price on shares of Synovus Financial Corp. in a research report on Thursday, October 12th. Barclays PLC set a $48.00 target price on Synovus Financial Corp. and gave the stock a “hold” rating in a research report on Wednesday, July 19th. Finally, ValuEngine cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $45.36.

Synovus Financial Corp. (NYSE:SNV) traded down $0.08 on Friday, reaching $45.03. The company had a trading volume of 545,520 shares, compared to its average volume of 773,870. The firm has a market capitalization of $5,391.31, a PE ratio of 19.11, a price-to-earnings-growth ratio of 2.28 and a beta of 1.13. Synovus Financial Corp. has a 52-week low of $36.26 and a 52-week high of $47.67. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.66.

Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. The firm had revenue of $398.01 million during the quarter, compared to analysts’ expectations of $331.27 million. Synovus Financial Corp. had a return on equity of 10.44% and a net margin of 21.39%. During the same quarter last year, the firm earned $0.65 earnings per share. research analysts forecast that Synovus Financial Corp. will post 2.48 earnings per share for the current year.

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In other Synovus Financial Corp. news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $46.29, for a total value of $462,900.00. Following the completion of the sale, the executive vice president now owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Allen J. Gula sold 2,125 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $47.11, for a total value of $100,108.75. Following the completion of the sale, the chief operating officer now directly owns 72,561 shares of the company’s stock, valued at approximately $3,418,348.71. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

About Synovus Financial Corp.

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

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Institutional Ownership by Quarter for Synovus Financial Corp. (NYSE:SNV)

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