FineMark National Bank & Trust Invests $203,000 in Synovus Financial Corp. (SNV)

FineMark National Bank & Trust acquired a new position in Synovus Financial Corp. (NYSE:SNV) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,427 shares of the bank’s stock, valued at approximately $203,000.

Other hedge funds have also bought and sold shares of the company. Signaturefd LLC raised its position in shares of Synovus Financial by 265.5% in the 2nd quarter. Signaturefd LLC now owns 2,054 shares of the bank’s stock worth $109,000 after acquiring an additional 1,492 shares in the last quarter. Stratos Wealth Partners LTD. bought a new position in shares of Synovus Financial in the 3rd quarter worth about $113,000. Itau Unibanco Holding S.A. bought a new position in shares of Synovus Financial in the 2nd quarter worth about $128,000. Oakworth Capital Inc. raised its position in shares of Synovus Financial by 225.2% in the 3rd quarter. Oakworth Capital Inc. now owns 3,915 shares of the bank’s stock worth $179,000 after acquiring an additional 2,711 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Synovus Financial in the 2nd quarter worth about $214,000. 81.84% of the stock is owned by hedge funds and other institutional investors.

Shares of SNV opened at $37.69 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $4.44 billion, a PE ratio of 14.90, a PEG ratio of 1.31 and a beta of 1.18. Synovus Financial Corp. has a one year low of $36.24 and a one year high of $57.40.

Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, October 23rd. The bank reported $0.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.03. The company had revenue of $363.29 million during the quarter, compared to the consensus estimate of $368.24 million. Synovus Financial had a return on equity of 15.05% and a net margin of 22.41%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the business posted $0.78 EPS. On average, sell-side analysts forecast that Synovus Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $55.00 price objective for the company in a research report on Thursday. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating in a research report on Wednesday, October 31st. They noted that the move was a valuation call. ValuEngine lowered Synovus Financial from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 24th. Barclays lowered their price objective on Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 24th. Finally, Royal Bank of Canada lowered their price objective on Synovus Financial to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $52.46.

In other news, Director Elizabeth W. Camp bought 3,000 shares of Synovus Financial stock in a transaction dated Thursday, October 25th. The stock was bought at an average cost of $36.97 per share, for a total transaction of $110,910.00. Following the purchase, the director now directly owns 16,718 shares in the company, valued at approximately $618,064.46. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin S. Blair bought 750 shares of Synovus Financial stock in a transaction dated Thursday, October 25th. The stock was purchased at an average price of $37.18 per share, with a total value of $27,885.00. Following the completion of the purchase, the chief financial officer now owns 53,986 shares in the company, valued at $2,007,199.48. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company’s stock.

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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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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

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