Eagle Asset Management Inc. increased its stake in Synovus Financial Corp. (NYSE:SNV) by 0.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,690,133 shares of the bank’s stock after buying an additional 10,163 shares during the period. Synovus Financial Corp. comprises about 0.7% of Eagle Asset Management Inc.’s portfolio, making the stock its 16th largest position. Eagle Asset Management Inc. owned approximately 2.21% of Synovus Financial Corp. worth $119,011,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in SNV. BlackRock Inc. increased its stake in shares of Synovus Financial Corp. by 5,961.9% in the first quarter. BlackRock Inc. now owns 10,236,350 shares of the bank’s stock valued at $419,894,000 after buying an additional 10,067,487 shares during the last quarter. Martingale Asset Management L P increased its stake in shares of Synovus Financial Corp. by 477.2% in the first quarter. Martingale Asset Management L P now owns 784,741 shares of the bank’s stock valued at $32,192,000 after buying an additional 648,778 shares during the last quarter. Credit Suisse AG increased its stake in shares of Synovus Financial Corp. by 54.8% in the first quarter. Credit Suisse AG now owns 1,325,506 shares of the bank’s stock valued at $54,372,000 after buying an additional 469,509 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Synovus Financial Corp. by 3.7% in the first quarter. Vanguard Group Inc. now owns 10,598,706 shares of the bank’s stock valued at $434,759,000 after buying an additional 375,030 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Synovus Financial Corp. by 17.5% in the first quarter. Alliancebernstein L.P. now owns 2,262,072 shares of the bank’s stock valued at $92,790,000 after buying an additional 337,157 shares during the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

Shares of Synovus Financial Corp. (SNV) traded up 0.38% during trading on Thursday, hitting $42.25. 47,388 shares of the stock traded hands. The company has a market cap of $5.13 billion, a P/E ratio of 19.19 and a beta of 1.12. Synovus Financial Corp. has a 1-year low of $31.41 and a 1-year high of $45.38. The stock has a 50-day moving average of $43.40 and a 200 day moving average of $42.37.

Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. The company had revenue of $319.80 million during the quarter, compared to the consensus estimate of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The firm’s revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 EPS. On average, equities research analysts predict that Synovus Financial Corp. will post $2.46 EPS for the current fiscal year.

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SNV has been the subject of several research analyst reports. ValuEngine raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Stephens reiterated a “buy” rating and issued a $46.00 price objective on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Bank of America Corporation upgraded shares of Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Thursday, May 11th. Zacks Investment Research cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, BidaskClub cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $42.50.

In related news, EVP Kevin Joseph Howard sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $43.37, for a total transaction of $303,590.00. Following the completion of the transaction, the executive vice president now directly owns 46,490 shares in the company, valued at approximately $2,016,271.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Curtis J. Perry sold 7,062 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $43.86, for a total value of $309,739.32. Following the transaction, the executive vice president now owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

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

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