Icon Advisers Inc. Co. raised its stake in Synovus Financial Corp. (NYSE:SNV) by 23.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,100 shares of the bank’s stock after purchasing an additional 4,400 shares during the period. Icon Advisers Inc. Co.’s holdings in Synovus Financial were worth $1,058,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. increased its stake in Synovus Financial by 11.3% in the second 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 in the last quarter. Carillon Tower Advisers Inc. increased its position in shares of Synovus Financial by 52.3% during the second quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock worth $132,245,000 after acquiring an additional 891,789 shares in the last quarter. Chase Investment Counsel Corp bought a new stake in shares of Synovus Financial during the second quarter worth about $766,000. Voya Investment Management LLC increased its position in shares of Synovus Financial by 23.7% during the second quarter. Voya Investment Management LLC now owns 179,102 shares of the bank’s stock worth $9,462,000 after acquiring an additional 34,263 shares in the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Synovus Financial during the third quarter worth about $78,199,000. 81.84% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Kevin S. Blair acquired 750 shares of Synovus Financial stock in a transaction on Thursday, October 25th. The stock was acquired at an average cost of $37.18 per share, with a total value of $27,885.00. Following the transaction, the chief financial officer now owns 53,986 shares of the company’s stock, valued at approximately $2,007,199.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Elizabeth W. Camp acquired 3,000 shares of Synovus Financial stock in a transaction on Thursday, October 25th. The stock was purchased at an average cost of $36.97 per share, with a total value of $110,910.00. Following the completion of the transaction, the director now directly owns 16,718 shares in the company, valued at approximately $618,064.46. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company’s stock.
Shares of SNV stock opened at $37.69 on Friday. Synovus Financial Corp. has a 52-week low of $36.24 and a 52-week 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 stock has a market capitalization of $4.45 billion, a price-to-earnings 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 data on Tuesday, October 23rd. The bank reported $0.95 earnings per share (EPS) 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 business had revenue of $363.29 million during the quarter, compared to the consensus estimate of $368.24 million. During the same period in the prior year, the firm posted $0.78 EPS. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, equities analysts expect that Synovus Financial Corp. will post 3.65 EPS for the current year.
Several equities research analysts have recently commented on SNV shares. Morgan Stanley decreased their target price on shares of Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 31st. Royal Bank of Canada decreased their target price on shares of Synovus Financial to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, October 24th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $55.00 target price on shares of Synovus Financial in a research report on Tuesday, October 23rd. Barclays decreased their target price on shares of Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 24th. Finally, Stephens reissued a “hold” rating and set a $54.00 target price on shares of Synovus Financial in a research report on Tuesday, October 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. Synovus Financial presently has an average rating of “Hold” and a consensus target price of $52.46.
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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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