KBC Group NV Trims Stake in Synovus Financial Corp. (SNV)

KBC Group NV lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 22.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 148,841 shares of the bank’s stock after selling 43,523 shares during the quarter. KBC Group NV owned about 0.12% of Synovus Financial worth $6,856,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of SNV. Balentine LLC raised its holdings in Synovus Financial by 0.4% in the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after acquiring an additional 12 shares in the last quarter. TLP Group LLC acquired a new stake in Synovus Financial in the second quarter valued at approximately $145,000. Advisory Services Network LLC raised its holdings in Synovus Financial by 17.8% in the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after acquiring an additional 519 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Synovus Financial by 16.5% in the second quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock valued at $182,000 after acquiring an additional 583 shares in the last quarter. Finally, Alpine Woods Capital Investors LLC acquired a new stake in Synovus Financial in the third quarter valued at approximately $207,000. 77.83% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Corp. (NYSE:SNV) traded down $0.91 during mid-day trading on Wednesday, reaching $49.22. 679,100 shares of the company’s stock were exchanged, compared to its average volume of 743,189. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.66. Synovus Financial Corp. has a 12 month low of $37.95 and a 12 month high of $51.09. The firm has a market capitalization of $5,991.28, a PE ratio of 21.24, a P/E/G ratio of 2.55 and a beta of 1.13.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. Synovus Financial had a net margin of 21.39% and a return on equity of 10.44%. The company had revenue of $398.01 million for the quarter, compared to analysts’ expectations of $331.27 million. During the same quarter last year, the company earned $0.65 earnings per share. equities analysts predict that Synovus Financial Corp. will post 2.45 EPS for the current year.

SNV has been the topic of several analyst reports. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Tuesday, September 19th. SunTrust Banks reaffirmed a “buy” rating and issued a $51.00 target price on shares of Synovus Financial in a report on Thursday, October 12th. Stephens set a $46.00 target price on shares of Synovus Financial and gave the company a “buy” rating in a report on Tuesday, August 15th. Robert W. Baird reissued a “hold” rating and set a $43.00 price objective on shares of Synovus Financial in a report on Friday, October 20th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $48.00 price objective on shares of Synovus Financial in a report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. Synovus Financial presently has a consensus rating of “Hold” and a consensus price target of $45.64.

In other news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $46.29, for a total transaction of $462,900.00. Following the transaction, the executive vice president now directly owns 43,488 shares in the company, valued at $2,013,059.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Allen J. Gula sold 2,125 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $47.11, for a total transaction of $100,108.75. Following the transaction, the chief operating officer now owns 72,561 shares in the company, valued at $3,418,348.71. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

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About Synovus Financial

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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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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