Cullen Frost Bankers Inc. Has $206,000 Position in Synovus Financial Corp. (SNV)

Cullen Frost Bankers Inc. lowered its holdings in Synovus Financial Corp. (NYSE:SNV) by 40.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,500 shares of the bank’s stock after selling 3,029 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Synovus Financial were worth $206,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. increased its stake in Synovus Financial by 11.3% in the second quarter. BlackRock Inc. now owns 11,945,202 shares of the bank’s stock valued at $631,066,000 after acquiring an additional 1,210,436 shares during the period. Eagle Asset Management Inc. increased its stake in Synovus Financial by 6.3% in the second quarter. Eagle Asset Management Inc. now owns 3,515,849 shares of the bank’s stock valued at $185,742,000 after acquiring an additional 208,640 shares during the period. Carillon Tower Advisers Inc. increased its stake in Synovus Financial by 52.3% in the second quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock valued at $132,245,000 after acquiring an additional 891,789 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in Synovus Financial in the third quarter valued at about $78,199,000. Finally, First Trust Advisors LP increased its stake in Synovus Financial by 101.1% in the second quarter. First Trust Advisors LP now owns 1,057,997 shares of the bank’s stock valued at $55,894,000 after acquiring an additional 531,793 shares during the period. 82.39% of the stock is currently owned by institutional investors and hedge funds.

Shares of Synovus Financial stock opened at $37.95 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.58. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of 15.00, a PEG ratio of 1.27 and a beta of 0.95. Synovus Financial Corp. has a 1-year low of $36.24 and a 1-year high of $57.40.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, October 23rd. The bank reported $0.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.03. The firm had revenue of $363.29 million for the quarter, compared to analysts’ expectations of $368.24 million. Synovus Financial had a net margin of 22.41% and a return on equity of 15.05%. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 earnings per share. As a group, equities analysts anticipate that Synovus Financial Corp. will post 3.65 EPS for the current year.

SNV has been the topic of a number of analyst reports. Morgan Stanley lowered their target price on shares of Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 31st. Royal Bank of Canada lowered their target price on shares of Synovus Financial to $48.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 24th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $55.00 target price on shares of Synovus Financial in a research note on Tuesday, October 23rd. Barclays lowered their target price on shares of Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 24th. Finally, Stephens reissued a “hold” rating and issued a $54.00 target price on shares of Synovus Financial in a research note on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $52.46.

In other news, CFO Kevin S. Blair acquired 750 shares of the firm’s stock in a transaction on Thursday, October 25th. The shares were purchased at an average cost of $37.18 per share, with a total value of $27,885.00. Following the completion of the purchase, the chief financial officer now owns 53,986 shares of the company’s stock, valued at $2,007,199.48. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Elizabeth W. Camp acquired 3,000 shares of the firm’s stock in a transaction on Thursday, October 25th. The shares were purchased at an average cost of $36.97 per share, for a total transaction of $110,910.00. Following the completion of the purchase, the director now directly owns 16,718 shares of the company’s stock, valued at approximately $618,064.46. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by corporate insiders.

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 cash 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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