Engineers Gate Manager LP Takes $1.03 Million Position in Synovus Financial Corp. (SNV)

Engineers Gate Manager LP acquired a new stake in Synovus Financial Corp. (NYSE:SNV) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 22,390 shares of the bank’s stock, valued at approximately $1,025,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in Synovus Financial during the 3rd quarter worth about $78,199,000. BlackRock Inc. lifted its position in Synovus Financial by 11.3% during the 2nd quarter. BlackRock Inc. now owns 11,945,202 shares of the bank’s stock worth $631,066,000 after buying an additional 1,210,436 shares in the last quarter. Carillon Tower Advisers Inc. lifted its position in Synovus Financial by 52.3% during the 2nd quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock worth $132,245,000 after buying an additional 891,789 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Synovus Financial by 4,195.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 582,905 shares of the bank’s stock worth $30,796,000 after buying an additional 569,336 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Synovus Financial by 101.1% during the 2nd quarter. First Trust Advisors LP now owns 1,057,997 shares of the bank’s stock worth $55,894,000 after buying an additional 531,793 shares in the last quarter. 81.84% of the stock is currently owned by institutional investors and hedge funds.

Shares of SNV stock opened at $37.69 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $4.45 billion, a PE ratio of 14.90, a PEG ratio of 1.31 and a beta of 1.18. Synovus Financial Corp. has a 52-week low of $36.24 and a 52-week high of $57.40.

Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, October 23rd. The bank reported $0.95 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.03. The company had revenue of $363.29 million for the quarter, compared to analysts’ expectations of $368.24 million. Synovus Financial had a net margin of 22.41% and a return on equity of 15.05%. Synovus Financial’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 EPS. As a group, equities analysts forecast that Synovus Financial Corp. will post 3.65 earnings per share for the current year.

SNV has been the topic of several analyst reports. Royal Bank of Canada cut their price target on shares of Synovus Financial to $48.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 24th. Raymond James raised shares of 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. Keefe, Bruyette & Woods raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $55.00 price target on the stock in a research report on Thursday. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Wednesday, July 18th. Finally, ValuEngine cut shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $52.46.

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

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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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