Arizona State Retirement System increased its position in Synovus Financial Corp. (NYSE:SNV) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,600 shares of the bank’s stock after buying an additional 700 shares during the period. Arizona State Retirement System’s holdings in Synovus Financial Corp. were worth $2,283,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the company. Advisory Services Network LLC bought a new position in shares of Synovus Financial Corp. during the first quarter worth about $120,000. Balentine LLC raised its position in shares of Synovus Financial Corp. by 0.3% in the first quarter. Balentine LLC now owns 3,108 shares of the bank’s stock worth $128,000 after buying an additional 9 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Synovus Financial Corp. during the first quarter worth about $135,000. PNC Financial Services Group Inc. raised its position in shares of Synovus Financial Corp. by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after buying an additional 622 shares during the last quarter. Finally, Neuburgh Advisers LLC raised its position in shares of Synovus Financial Corp. by 14.0% in the first quarter. Neuburgh Advisers LLC now owns 4,704 shares of the bank’s stock worth $193,000 after buying an additional 576 shares during the last quarter. Institutional investors own 77.61% of the company’s stock.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at 41.54 on Friday. The company has a market capitalization of $5.05 billion, a P/E ratio of 18.86 and a beta of 1.12. The company’s 50 day moving average is $43.77 and its 200-day moving average is $42.36. Synovus Financial Corp. has a 1-year low of $31.41 and a 1-year high of $45.38.
Synovus Financial Corp. (NYSE:SNV) last posted its earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The business had revenue of $319.80 million for the quarter, compared to the consensus estimate of $317.81 million. During the same period last year, the company earned $0.46 EPS. The firm’s revenue was up 10.5% compared to the same quarter last year. On average, equities research analysts forecast that Synovus Financial Corp. will post $2.46 EPS for the current year.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. ValuEngine upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. BidaskClub lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Barclays PLC reissued an “equal weight” rating and set a $46.00 price target (up from $44.00) on shares of Synovus Financial Corp. in a research note on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $43.00 price target on shares of Synovus Financial Corp. in a research note on Friday, May 19th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. Synovus Financial Corp. presently has an average rating of “Hold” and an average price target of $42.78.
In related news, EVP Kevin Joseph Howard sold 7,000 shares of Synovus Financial Corp. stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $43.37, for a total transaction of $303,590.00. Following the sale, the executive vice president now directly owns 46,490 shares in the company, valued at approximately $2,016,271.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total transaction of $309,739.32. Following the sale, the executive vice president now owns 60,038 shares in the company, valued at $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Synovus Financial Corp. Company 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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