Sei Investments Co. lowered its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 3.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 197,937 shares of the bank’s stock after selling 6,645 shares during the quarter. Sei Investments Co. owned approximately 0.17% of Synovus Financial worth $9,117,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. AJO LP increased its holdings in shares of Synovus Financial by 291.0% in the second quarter. AJO LP now owns 1,089,237 shares of the bank’s stock valued at $48,188,000 after purchasing an additional 810,692 shares during the last quarter. Bank of Nova Scotia acquired a new stake in shares of Synovus Financial in the second quarter valued at approximately $17,745,000. Thrivent Financial For Lutherans increased its holdings in shares of Synovus Financial by 46.0% in the second quarter. Thrivent Financial For Lutherans now owns 1,214,532 shares of the bank’s stock valued at $53,731,000 after purchasing an additional 382,852 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Synovus Financial by 3.6% in the second quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock valued at $469,257,000 after purchasing an additional 370,743 shares during the last quarter. Finally, Koch Industries Inc. acquired a new stake in shares of Synovus Financial in the second quarter valued at approximately $283,000. Institutional investors own 77.83% of the company’s stock.
SNV has been the subject of several recent research reports. Zacks Investment Research cut Synovus Financial from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. Robert W. Baird reissued a “hold” rating and set a $43.00 target price on shares of Synovus Financial in a research note on Friday, October 20th. ValuEngine cut Synovus Financial from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Sanford C. Bernstein reissued a “market perform” rating and set a $42.00 target price (up previously from $41.00) on shares of Synovus Financial in a research note on Saturday, September 16th. Finally, SunTrust Banks reissued a “buy” rating and set a $51.00 target price on shares of Synovus Financial in a research note on Thursday, October 12th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $45.64.
Shares of Synovus Financial Corp. (NYSE:SNV) traded down $0.33 during midday trading on Wednesday, hitting $48.89. The stock had a trading volume of 629,364 shares, compared to its average volume of 742,705. Synovus Financial Corp. has a twelve month low of $37.95 and a twelve month high of $51.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $5,991.28, a PE ratio of 21.24, a PEG ratio of 2.55 and a beta of 1.13.
Synovus Financial (NYSE:SNV) last released its earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. The firm had revenue of $398.01 million during the quarter, compared to analyst estimates of $331.27 million. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. During the same period last year, the business posted $0.65 earnings per share. analysts expect that Synovus Financial Corp. will post 2.45 EPS for the current year.
In other Synovus Financial news, COO Allen J. Gula sold 2,125 shares of Synovus Financial stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $47.11, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of Synovus Financial 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 sale, the executive vice president now directly owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
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Synovus Financial Company 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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