Synovus Financial Corp reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 0.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,992,243 shares of the bank’s stock after selling 5,733 shares during the quarter. Synovus Financial comprises approximately 5.2% of Synovus Financial Corp’s holdings, making the stock its 5th largest position. Synovus Financial Corp owned about 5.01% of Synovus Financial worth $275,987,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Balentine LLC grew its holdings in Synovus Financial by 0.4% during the 2nd quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after buying an additional 12 shares in the last quarter. TLP Group LLC bought a new position in shares of Synovus Financial during the 2nd quarter valued at approximately $145,000. Advisory Services Network LLC boosted its position in shares of Synovus Financial by 17.8% during the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after acquiring an additional 519 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Synovus Financial by 16.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock valued at $182,000 after acquiring an additional 583 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Synovus Financial by 11.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock valued at $204,000 after acquiring an additional 474 shares during the last quarter. 77.83% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently commented on the company. SunTrust Banks reiterated a “buy” rating and set a $54.00 target price on shares of Synovus Financial in a research report on Wednesday, November 29th. ValuEngine downgraded Synovus Financial from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Wednesday, November 1st. Robert W. Baird reiterated a “hold” rating and set a $43.00 target price on shares of Synovus Financial in a research report on Friday, October 20th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $48.00 target price on shares of Synovus Financial in a research report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $45.64.
Shares of Synovus Financial Corp. (NYSE SNV) traded up $0.52 on Tuesday, reaching $50.13. The company had a trading volume of 583,100 shares, compared to its average volume of 743,464. The company has a market capitalization of $5,929.13, a P/E ratio of 21.02, a PEG ratio of 2.53 and a beta of 1.13. Synovus Financial Corp. has a 12 month low of $37.95 and a 12 month high of $51.09. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.99 and a current ratio of 0.99.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. The company had revenue of $398.01 million during the quarter, compared to the consensus estimate 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 company earned $0.65 earnings per share. sell-side analysts anticipate that Synovus Financial Corp. will post 2.45 EPS for the current year.
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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