Synovus Financial Corp. (SNV) Holdings Lessened by Eagle Asset Management Inc.

Eagle Asset Management Inc. trimmed its holdings in Synovus Financial Corp. (NYSE:SNV) by 5.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,194,878 shares of the bank’s stock after selling 167,226 shares during the period. Synovus Financial comprises approximately 0.8% of Eagle Asset Management Inc.’s holdings, making the stock its 13th largest holding. Eagle Asset Management Inc. owned about 2.69% of Synovus Financial worth $153,413,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. APG Asset Management N.V. raised its position in shares of Synovus Financial by 1,642.6% during the 4th quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock valued at $17,462,000 after acquiring an additional 412,300 shares in the last quarter. EJF Capital LLC raised its position in shares of Synovus Financial by 50.0% during the 3rd quarter. EJF Capital LLC now owns 900,002 shares of the bank’s stock valued at $41,454,000 after acquiring an additional 300,000 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of Synovus Financial during the 2nd quarter valued at approximately $283,000. First Quadrant L P CA raised its position in shares of Synovus Financial by 85.2% during the 4th quarter. First Quadrant L P CA now owns 420,673 shares of the bank’s stock valued at $20,167,000 after acquiring an additional 193,494 shares in the last quarter. Finally, Maltese Capital Management LLC raised its position in shares of Synovus Financial by 61.6% during the 3rd quarter. Maltese Capital Management LLC now owns 404,000 shares of the bank’s stock valued at $18,608,000 after acquiring an additional 154,000 shares in the last quarter. 78.35% of the stock is currently owned by institutional investors.

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

Several equities research analysts recently issued reports on the company. Morgan Stanley upped their price target on Synovus Financial from $50.00 to $52.00 and gave the company an “underperform” rating in a research report on Friday, January 26th. Hovde Group reissued a “hold” rating and set a $53.00 price target on shares of Synovus Financial in a research report on Tuesday, January 23rd. Bank of America increased their target price on Synovus Financial from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Stephens reaffirmed a “buy” rating and issued a $56.00 target price on shares of Synovus Financial in a research report on Wednesday, January 24th. Finally, Barclays increased their target price on Synovus Financial from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $51.92.

Shares of Synovus Financial Corp. (NYSE:SNV) opened at $50.25 on Thursday. Synovus Financial Corp. has a 52-week low of $37.95 and a 52-week high of $52.08. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $5,817.65, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 1.79 and a beta of 1.12.

Synovus Financial (NYSE:SNV) last issued its earnings results 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 return on equity of 11.20% and a net margin of 18.27%. The firm had revenue of $339.07 million for the quarter, compared to analyst estimates of $338.60 million. During the same period last year, the company earned $0.54 earnings per share. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. equities analysts anticipate that Synovus Financial Corp. will post 3.41 EPS for the current fiscal year.

Synovus Financial declared that its Board of Directors has authorized a stock buyback plan on Tuesday, January 23rd that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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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)

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