Synovus Financial Corp. (SNV) Shares Bought by Comerica Bank
Comerica Bank boosted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 0.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 95,310 shares of the bank’s stock after buying an additional 559 shares during the period. Comerica Bank owned approximately 0.08% of Synovus Financial Corp. worth $4,187,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNV. Advisory Services Network LLC acquired a new position in Synovus Financial Corp. during the first quarter valued at about $120,000. Balentine LLC raised its position in Synovus Financial Corp. by 0.3% in the first quarter. Balentine LLC now owns 3,108 shares of the bank’s stock valued at $128,000 after buying an additional 9 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Synovus Financial Corp. during the first quarter valued at about $135,000. PNC Financial Services Group Inc. raised its position in 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 valued at $145,000 after buying an additional 622 shares during the last quarter. Finally, Neuburgh Advisers LLC raised its position in Synovus Financial Corp. by 14.0% in the first quarter. Neuburgh Advisers LLC now owns 4,704 shares of the bank’s stock valued at $193,000 after buying an additional 576 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.
Synovus Financial Corp. (SNV) opened at 42.06 on Tuesday. The company’s 50-day moving average is $43.40 and its 200 day moving average is $42.37. Synovus Financial Corp. has a one year low of $31.41 and a one year high of $45.38. The company has a market capitalization of $5.11 billion, a P/E ratio of 19.10 and a beta of 1.12.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $319.80 million during the quarter, compared to the consensus estimate of $317.81 million. During the same quarter last year, the company earned $0.46 earnings per share. Synovus Financial Corp.’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, equities analysts anticipate that Synovus Financial Corp. will post $2.46 earnings per share for the current year.
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Several equities research analysts recently weighed in on the stock. Bank of America Corporation raised shares of Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 price target for the company in a research report on Thursday, May 11th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $43.00 target price on shares of Synovus Financial Corp. in a research report on Friday, May 19th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $47.00 target price on shares of Synovus Financial Corp. in a research report on Sunday, June 11th. ValuEngine raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Finally, Barclays PLC reissued an “equal weight” rating and set a $46.00 price objective (up previously from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $42.50.
In other news, EVP Kevin Joseph Howard sold 7,000 shares of the firm’s 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 completion of the sale, the executive vice president now owns 46,490 shares of the company’s stock, valued at $2,016,271.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Curtis J. Perry sold 7,062 shares of the firm’s 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 directly owns 60,038 shares of the company’s stock, valued at approximately $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
About Synovus Financial Corp.
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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