State of Tennessee Treasury Department Sells 80,000 Shares of Synovus Financial Corp. (SNV)

State of Tennessee Treasury Department decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 36.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 136,528 shares of the bank’s stock after selling 80,000 shares during the quarter. State of Tennessee Treasury Department owned 0.11% of Synovus Financial Corp. worth $6,288,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Analysts LLC lifted its position in Synovus Financial Corp. by 10.3% in the 2nd quarter. Capital Analysts LLC now owns 20,248 shares of the bank’s stock valued at $896,000 after acquiring an additional 1,893 shares in the last quarter. 361 Capital LLC bought a new position in Synovus Financial Corp. in the 2nd quarter valued at about $4,032,000. TD Asset Management Inc. lifted its position in Synovus Financial Corp. by 11.5% in the 2nd quarter. TD Asset Management Inc. now owns 31,135 shares of the bank’s stock valued at $1,377,000 after acquiring an additional 3,200 shares in the last quarter. OppenheimerFunds Inc. increased its stake in Synovus Financial Corp. by 34.9% in the 1st quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock valued at $317,000 after buying an additional 1,998 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in Synovus Financial Corp. by 1.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 635,793 shares of the bank’s stock valued at $28,128,000 after buying an additional 10,009 shares during the last quarter. 78.65% of the stock is currently owned by institutional investors and hedge funds.



Several research firms have commented on SNV. Barclays PLC set a $48.00 price objective on shares of Synovus Financial Corp. and gave the company a “hold” rating in a research note on Wednesday, July 19th. ValuEngine lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Friday. Stephens set a $46.00 price objective on shares of Synovus Financial Corp. and gave the company a “buy” rating in a research note on Tuesday, August 15th. Zacks Investment Research upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research note on Tuesday, September 12th. Finally, Royal Bank Of Canada started coverage on shares of Synovus Financial Corp. in a research note on Monday, July 17th. They set an “outperform” rating and a $51.00 price target for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. Synovus Financial Corp. presently has an average rating of “Hold” and a consensus target price of $45.36.

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

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Synovus Financial Corp. (SNV) opened at $45.65 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. Synovus Financial Corp. has a one year low of $37.55 and a one year high of $47.67. The firm has a market cap of $5,381.75, a P/E ratio of 19.08, a P/E/G ratio of 2.27 and a beta of 1.13.

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

Synovus Financial Corp. Profile

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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