Louisiana State Employees Retirement System Has $1.45 Million Stake in Synovus Financial Corp. (SNV)

Louisiana State Employees Retirement System reduced its position in Synovus Financial Corp. (NYSE:SNV) by 6.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,300 shares of the bank’s stock after selling 2,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Synovus Financial were worth $1,453,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Balentine LLC boosted its stake in shares of Synovus Financial by 0.4% in the 2nd quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after purchasing an additional 12 shares during the last quarter. TLP Group LLC bought a new stake in shares of Synovus Financial in the 2nd quarter valued at $145,000. Advisory Services Network LLC boosted its stake in shares of Synovus Financial by 17.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after purchasing an additional 519 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Synovus Financial by 16.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock valued at $182,000 after purchasing an additional 583 shares during the last quarter. Finally, Alpine Woods Capital Investors LLC bought a new stake in shares of Synovus Financial in the 3rd quarter valued at $207,000. 78.35% of the stock is currently owned by institutional investors.

SNV has been the topic of a number of research reports. Robert W. Baird reiterated an “average” rating and set a $47.00 target price on shares of Synovus Financial in a research report on Wednesday, January 3rd. 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. Morgan Stanley boosted their target price on shares of Synovus Financial from $50.00 to $52.00 and gave the company an “underperform” rating in a research report on Friday, January 26th. 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. Finally, ValuEngine downgraded shares of Synovus Financial from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $51.92.

Synovus Financial Corp. (NYSE SNV) traded up $0.58 on Monday, reaching $48.68. 732,117 shares of the company’s stock traded hands, compared to its average volume of 929,661. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 0.97. Synovus Financial Corp. has a 1 year low of $37.95 and a 1 year high of $52.08. The firm has a market capitalization of $5,820.00, a P/E ratio of 22.43, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.05. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The firm had revenue of $339.07 million for the quarter, compared to the consensus estimate of $338.60 million. During the same quarter in the prior year, the company posted $0.54 earnings per share. The business’s revenue was up 10.3% on a year-over-year basis. analysts forecast that Synovus Financial Corp. will post 3.41 earnings per share for the current year.

Synovus Financial announced that its Board of Directors has approved a stock buyback plan on Tuesday, January 23rd that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

In other Synovus Financial news, VP Mark G. Holladay sold 5,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $50.16, for a total transaction of $250,800.00. Following the transaction, the vice president now owns 52,063 shares in the company, valued at $2,611,480.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Allen J. Gula sold 2,450 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total transaction of $123,039.00. Following the transaction, the chief operating officer now owns 70,111 shares in the company, valued at approximately $3,520,974.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,502 shares of company stock worth $425,198. Corporate insiders own 1.50% of the company’s stock.

WARNING: “Louisiana State Employees Retirement System Has $1.45 Million Stake in Synovus Financial Corp. (SNV)” was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this report on another website, it was illegally stolen and reposted in violation of U.S. and international trademark and copyright law. The correct version of this report can be read at https://www.dispatchtribunal.com/2018/02/12/synovus-financial-corp-snv-position-trimmed-by-louisiana-state-employees-retirement-system.html.

Synovus Financial 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.

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

Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply