Russell Investments Group Ltd. raised its holdings in Synovus Financial Corp. (NYSE:SNV) by 14.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 371,034 shares of the bank’s stock after acquiring an additional 46,232 shares during the period. Russell Investments Group Ltd.’s holdings in Synovus Financial were worth $16,993,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. increased its position in Synovus Financial by 11.3% in the 2nd 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. boosted its stake in shares of Synovus Financial by 6.3% in the 2nd quarter. Eagle Asset Management Inc. now owns 3,515,849 shares of the bank’s stock valued at $185,742,000 after purchasing an additional 208,640 shares during the last quarter. Carillon Tower Advisers Inc. boosted its stake in shares of Synovus Financial by 52.3% in the 2nd quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock valued at $132,245,000 after purchasing an additional 891,789 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Synovus Financial in the 3rd quarter valued at $78,199,000. Finally, First Trust Advisors LP boosted its stake in shares of Synovus Financial by 101.1% in the 2nd quarter. First Trust Advisors LP now owns 1,057,997 shares of the bank’s stock valued at $55,894,000 after purchasing an additional 531,793 shares during the last quarter. Hedge funds and other institutional investors own 81.84% of the company’s stock.
A number of equities research analysts have recently commented on SNV shares. Royal Bank of Canada reduced their price objective on shares of Synovus Financial to $48.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 24th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating in a research note on Wednesday, October 31st. They noted that the move was a valuation call. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Wednesday, July 18th. Keefe, Bruyette & Woods raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $55.00 price objective on the stock in a research note on Thursday. Finally, ValuEngine lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, September 26th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $52.46.
In related news, Director Elizabeth W. Camp bought 3,000 shares of the business’s stock in a transaction that occurred on Thursday, October 25th. The shares were acquired at an average cost of $36.97 per share, with a total value of $110,910.00. Following the completion of the purchase, the director now directly owns 16,718 shares in the company, valued at $618,064.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin S. Blair bought 750 shares of the business’s stock in a transaction that occurred on Thursday, October 25th. The shares were bought at an average cost of $37.18 per share, for a total transaction 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 disclosure for this purchase can be found here. 1.50% of the stock is owned by corporate insiders.
Shares of NYSE SNV opened at $37.69 on Friday. The firm has a market cap of $4.45 billion, a P/E ratio of 11.09, a P/E/G ratio of 1.31 and a beta of 1.18. Synovus Financial Corp. has a 12-month low of $36.24 and a 12-month high of $57.40. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.97 and a current ratio of 0.97.
Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, October 23rd. The bank reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.03. The business had revenue of $363.29 million for the quarter, compared to analyst estimates of $368.24 million. Synovus Financial had a net margin of 22.41% and a return on equity of 15.05%. Synovus Financial’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 earnings per share. Equities research analysts predict that Synovus Financial Corp. will post 3.65 earnings per share for the current fiscal year.
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Synovus Financial 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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