Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC boosted its holdings in Synovus Financial Corp. (NYSE:SNV) by 6.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,355 shares of the bank’s stock after acquiring an additional 1,045 shares during the period. Wedge Capital Management L L P NC’s holdings in Synovus Financial were worth $642,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of SNV. Keybank National Association OH purchased a new position in Synovus Financial in the 2nd quarter valued at about $310,000. Stevens Capital Management LP lifted its holdings in Synovus Financial by 118.2% in the 2nd quarter. Stevens Capital Management LP now owns 96,093 shares of the bank’s stock valued at $3,363,000 after purchasing an additional 52,049 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its holdings in Synovus Financial by 1.1% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 29,420 shares of the bank’s stock valued at $1,030,000 after purchasing an additional 310 shares in the last quarter. KBC Group NV purchased a new position in Synovus Financial in the 2nd quarter valued at about $40,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in Synovus Financial by 320.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,040 shares of the bank’s stock valued at $141,000 after purchasing an additional 3,080 shares in the last quarter. 84.01% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SNV stock traded up $1.59 during trading hours on Friday, hitting $35.64. 1,521,300 shares of the company were exchanged, compared to its average volume of 1,415,685. The firm has a market cap of $5.25 billion, a PE ratio of 9.79, a PEG ratio of 1.06 and a beta of 1.31. Synovus Financial Corp. has a 1 year low of $29.93 and a 1 year high of $51.55. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.51. The firm has a fifty day moving average of $35.77 and a 200 day moving average of $35.91.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Tuesday, July 16th. The bank reported $1.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.01. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The firm had revenue of $487.90 million for the quarter, compared to analyst estimates of $482.13 million. During the same quarter last year, the firm posted $0.92 earnings per share. Synovus Financial’s revenue for the quarter was up 36.2% compared to the same quarter last year. Analysts expect that Synovus Financial Corp. will post 4.02 earnings per share for the current year.

Several research analysts have recently weighed in on SNV shares. ValuEngine upgraded shares of Synovus Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, July 27th. Evercore ISI upgraded shares of Synovus Financial from an “in-line” rating to an “outperform” rating in a report on Thursday, August 8th. Royal Bank of Canada started coverage on shares of Synovus Financial in a report on Friday, July 12th. They set an “outperform” rating and a $42.00 price objective on the stock. Stephens upgraded shares of Synovus Financial from an “equal weight” rating to an “overweight” rating in a report on Tuesday, August 6th. Finally, Raymond James cut their price objective on shares of Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating on the stock in a report on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $44.52.

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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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