TCW Group Inc. increased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 1.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,925 shares of the bank’s stock after acquiring an additional 1,948 shares during the quarter. TCW Group Inc. owned 0.09% of Synovus Financial worth $5,078,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in shares of Synovus Financial by 5.6% during the fourth quarter. Rhumbline Advisers now owns 246,468 shares of the bank’s stock valued at $11,816,000 after acquiring an additional 12,962 shares during the period. Arizona State Retirement System increased its stake in Synovus Financial by 24.9% in the 4th quarter. Arizona State Retirement System now owns 86,053 shares of the bank’s stock valued at $4,125,000 after buying an additional 17,170 shares during the period. Bridgeworth LLC acquired a new position in Synovus Financial in the 4th quarter valued at approximately $1,054,000. The Manufacturers Life Insurance Company increased its stake in Synovus Financial by 3.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 663,482 shares of the bank’s stock valued at $31,807,000 after buying an additional 19,701 shares during the period. Finally, Retirement Systems of Alabama increased its stake in Synovus Financial by 7.6% in the 4th quarter. Retirement Systems of Alabama now owns 334,805 shares of the bank’s stock valued at $16,051,000 after buying an additional 23,533 shares during the period. Institutional investors and hedge funds own 79.15% of the company’s stock.
Shares of Synovus Financial Corp. (NYSE SNV) opened at $50.50 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $6,055.44, a P/E ratio of 20.05, a price-to-earnings-growth ratio of 1.87 and a beta of 1.12. Synovus Financial Corp. has a 1 year low of $37.95 and a 1 year high of $52.08.
Synovus Financial (NYSE:SNV) last posted its earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.05. The company had revenue of $339.07 million during the quarter, compared to the consensus estimate of $338.60 million. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 earnings per share. sell-side analysts predict that Synovus Financial Corp. will post 3.41 EPS for the current fiscal year.
Synovus Financial announced that its board has initiated a stock buyback program on Tuesday, January 23rd that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
Several research analysts have weighed in on SNV shares. Zacks Investment Research lowered shares of Synovus Financial from a “buy” rating to a “hold” rating and set a $54.00 price objective on the stock. in a research note on Friday, January 5th. SunTrust Banks reiterated a “buy” rating and issued a $54.00 price objective on shares of Synovus Financial in a research note on Wednesday, November 29th. Hovde Group reiterated a “hold” rating and issued a $53.00 price objective on shares of Synovus Financial in a research note on Tuesday, January 23rd. Stephens reiterated a “buy” rating and issued a $56.00 price objective on shares of Synovus Financial in a research note on Wednesday, January 24th. Finally, ValuEngine lowered shares of Synovus Financial from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. Synovus Financial has an average rating of “Hold” and a consensus target price of $51.92.
In other Synovus Financial news, Director Philip W. Tomlinson sold 1,052 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $48.82, for a total value of $51,358.64. Following the completion of the sale, the director now directly owns 27,139 shares of the company’s stock, valued at $1,324,925.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mark G. Holladay sold 5,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.16, for a total transaction of $250,800.00. Following the sale, the vice president now directly owns 52,063 shares of the company’s stock, valued at $2,611,480.08. The disclosure for this sale can be found here. Insiders sold 8,502 shares of company stock valued at $425,198 over the last three months. Insiders own 1.50% of the company’s stock.
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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.
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