Russell Investments Group Ltd. raised its holdings in Synovus Financial Corp. (NYSE:SNV) by 14.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 371,034 shares of the bank’s stock after purchasing an additional 46,232 shares during the period. Russell Investments Group Ltd. owned approximately 0.32% of Synovus Financial worth $16,993,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. boosted its holdings in Synovus Financial by 11.3% in the 2nd quarter. BlackRock Inc. now owns 11,945,202 shares of the bank’s stock valued at $631,066,000 after purchasing an additional 1,210,436 shares during the period. Eagle Asset Management Inc. boosted its holdings in Synovus Financial by 6.3% in the 2nd quarter. Eagle Asset Management Inc. now owns 3,515,849 shares of the bank’s stock valued at $185,742,000 after purchasing an additional 208,640 shares during the period. Carillon Tower Advisers Inc. boosted its holdings in Synovus Financial by 52.3% in the 2nd quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock valued at $132,245,000 after purchasing an additional 891,789 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in Synovus Financial in the 3rd quarter valued at about $78,199,000. Finally, First Trust Advisors LP boosted its holdings in Synovus Financial by 101.1% in the 2nd quarter. First Trust Advisors LP now owns 1,057,997 shares of the bank’s stock valued at $55,894,000 after purchasing an additional 531,793 shares during the period. 81.84% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have issued reports on SNV shares. Morgan Stanley cut their price objective on shares of Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating for the company in a report on Tuesday, July 31st. Royal Bank of Canada cut their price objective on shares of Synovus Financial to $48.00 and set an “outperform” rating for the company in a report on Wednesday, October 24th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $55.00 price target on shares of Synovus Financial in a report on Tuesday, October 23rd. Barclays cut their price target on shares of Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating for the company in a report on Wednesday, October 24th. Finally, Stephens reaffirmed a “hold” rating and set a $54.00 price target on shares of Synovus Financial in a report on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. Synovus Financial currently has an average rating of “Hold” and a consensus target price of $52.46.
In related news, Director Elizabeth W. Camp acquired 3,000 shares of the stock in a transaction that occurred on Thursday, October 25th. The stock was acquired at an average cost of $36.97 per share, for a total transaction of $110,910.00. Following the transaction, the director now directly owns 16,718 shares in the company, valued at $618,064.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevin S. Blair acquired 750 shares of the stock in a transaction that occurred on Thursday, October 25th. The shares were bought at an average price of $37.18 per share, with a total value of $27,885.00. Following the completion of the transaction, the chief financial officer now owns 53,986 shares in the company, valued at $2,007,199.48. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company’s stock.
Shares of Synovus Financial stock opened at $37.69 on Friday. Synovus Financial Corp. has a 1-year low of $36.24 and a 1-year high of $57.40. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.58. The company has a market cap of $4.45 billion, a PE ratio of 11.09, a PEG ratio of 1.31 and a beta of 1.18.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.95 earnings per share for the quarter, topping 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 company had revenue of $363.29 million during the quarter, compared to the consensus estimate of $368.24 million. During the same quarter in the prior year, the firm posted $0.78 EPS. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. On average, research analysts forecast that Synovus Financial Corp. will post 3.65 earnings per share for the current year.
Synovus Financial 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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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