Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Synovus Financial Corp. (NYSE:SNV) by 43.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,625 shares of the bank’s stock after purchasing an additional 2,017 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Synovus Financial were worth $318,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SNV. Eagle Asset Management Inc. raised its position in Synovus Financial by 25.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock valued at $156,270,000 after purchasing an additional 671,971 shares in the last quarter. APG Asset Management N.V. raised its position in shares of Synovus Financial by 1,642.6% in the 4th quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock worth $17,462,000 after acquiring an additional 412,300 shares in the last quarter. EJF Capital LLC raised its position in shares of Synovus Financial by 50.0% in the 3rd quarter. EJF Capital LLC now owns 900,002 shares of the bank’s stock worth $41,454,000 after acquiring an additional 300,000 shares in the last quarter. First Quadrant L P CA raised its position in shares of Synovus Financial by 85.2% in the 4th quarter. First Quadrant L P CA now owns 420,673 shares of the bank’s stock worth $20,167,000 after acquiring an additional 193,494 shares in the last quarter. Finally, Maltese Capital Management LLC raised its position in shares of Synovus Financial by 61.6% in the 3rd quarter. Maltese Capital Management LLC now owns 404,000 shares of the bank’s stock worth $18,608,000 after acquiring an additional 154,000 shares in the last quarter. 78.35% of the stock is owned by institutional investors and hedge funds.
Synovus Financial Corp. (SNV) opened at $50.93 on Friday. Synovus Financial Corp. has a one year low of $37.95 and a one year high of $52.08. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $6,055.42, a price-to-earnings ratio of 23.47, a P/E/G ratio of 1.87 and a beta of 1.12.
Synovus Financial announced that its board has authorized a stock buyback plan on Tuesday, January 23rd that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
SNV has been the subject of several recent research reports. Robert W. Baird reissued an “average” rating and issued a $47.00 price target on shares of Synovus Financial in a research report on Wednesday, January 3rd. Stephens reissued a “buy” rating and issued a $56.00 price target on shares of Synovus Financial in a research report on Wednesday, January 24th. Bank of America boosted their price target on Synovus Financial from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Zacks Investment Research raised Synovus Financial from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Wednesday, November 1st. Finally, SunTrust Banks reissued a “buy” rating and issued a $54.00 price target on shares of Synovus Financial in a research report on Wednesday, November 29th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. Synovus Financial has an average rating of “Hold” and a consensus price target of $51.92.
In related news, COO Allen J. Gula sold 2,450 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total transaction of $123,039.00. Following the transaction, the chief operating officer now directly owns 70,111 shares in the company, valued at approximately $3,520,974.42. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Philip W. Tomlinson sold 1,052 shares of the business’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $48.82, for a total value of $51,358.64. Following the transaction, the director now owns 27,139 shares in the company, valued at $1,324,925.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,502 shares of company stock worth $425,198. 1.50% of the stock is owned by company insiders.
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Synovus Financial 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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