Pzena Investment Management LLC reduced its position in shares of Synovus Financial Corp. (NYSE:SNV) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 907,959 shares of the bank’s stock after selling 2,967 shares during the period. Pzena Investment Management LLC owned approximately 0.58% of Synovus Financial worth $31,779,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in SNV. The Manufacturers Life Insurance Company lifted its holdings in Synovus Financial by 427.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,474,364 shares of the bank’s stock worth $50,659,000 after purchasing an additional 1,195,084 shares during the last quarter. Boston Partners lifted its holdings in Synovus Financial by 192.8% during the 1st quarter. Boston Partners now owns 1,094,347 shares of the bank’s stock worth $37,602,000 after purchasing an additional 720,569 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Synovus Financial by 32.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock worth $70,065,000 after purchasing an additional 530,991 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Synovus Financial by 48.5% during the 4th quarter. Geode Capital Management LLC now owns 1,615,735 shares of the bank’s stock worth $51,686,000 after purchasing an additional 528,022 shares during the last quarter. Finally, Gamco Investors INC. ET AL acquired a new stake in Synovus Financial during the 1st quarter worth approximately $11,572,000. 84.01% of the stock is owned by institutional investors and hedge funds.
NYSE SNV traded up $1.59 during midday trading on Friday, hitting $35.64. The company had a trading volume of 1,521,300 shares, compared to its average volume of 1,484,405. The company has a market capitalization of $5.29 billion, a PE ratio of 9.79, a P/E/G ratio of 1.07 and a beta of 1.31. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $35.77 and a 200-day moving average price of $35.91. Synovus Financial Corp. has a twelve month low of $29.93 and a twelve month high of $51.55.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Tuesday, July 16th. The bank reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.01. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The company had revenue of $487.90 million during the quarter, compared to analysts’ expectations of $482.13 million. During the same quarter in the previous year, the firm earned $0.92 EPS. Synovus Financial’s revenue was up 36.2% on a year-over-year basis. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.01 EPS for the current year.
SNV has been the subject of several analyst reports. Raymond James dropped their price objective on Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a report on Tuesday, June 18th. Royal Bank of Canada initiated coverage on Synovus Financial in a report on Friday, July 12th. They issued an “outperform” rating and a $42.00 price objective for the company. Evercore ISI raised Synovus Financial from an “in-line” rating to an “outperform” rating in a report on Thursday, August 8th. Stephens raised Synovus Financial from an “equal weight” rating to an “overweight” rating in a report on Tuesday, August 6th. Finally, ValuEngine raised Synovus Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $44.52.
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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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