Meeder Asset Management Inc. Sells 8,081 Shares of Synovus Financial Corp. (SNV)
Meeder Asset Management Inc. reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 76.5% in the third quarter, HoldingsChannel reports. The firm owned 2,483 shares of the bank’s stock after selling 8,081 shares during the period. Meeder Asset Management Inc.’s holdings in Synovus Financial were worth $114,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Signaturefd LLC grew its holdings in shares of Synovus Financial by 265.5% in the second quarter. Signaturefd LLC now owns 2,054 shares of the bank’s stock valued at $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 third quarter valued at approximately $113,000. Itau Unibanco Holding S.A. bought a new position in shares of Synovus Financial in the second quarter valued at approximately $128,000. Oakworth Capital Inc. grew its holdings in shares of Synovus Financial by 225.2% in the third quarter. Oakworth Capital Inc. now owns 3,915 shares of the bank’s stock valued at $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 second quarter valued at approximately $214,000. 82.68% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on SNV shares. Morgan Stanley reduced their target price on Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating for the company in a report on Tuesday, July 31st. Royal Bank of Canada dropped their price objective on Synovus Financial to $48.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 24th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $55.00 price objective on shares of Synovus Financial in a research note on Tuesday, October 23rd. Barclays dropped their price objective on Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 24th. Finally, Stephens reiterated a “hold” rating and issued a $54.00 price objective on shares of Synovus Financial in a research note on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $52.08.
Synovus Financial stock opened at $37.51 on Friday. Synovus Financial Corp. has a 12 month low of $36.14 and a 12 month high of $57.40. 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 company has a market capitalization of $4.37 billion, a P/E ratio of 14.83, a PEG ratio of 1.28 and a beta of 1.18.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Tuesday, October 23rd. The bank reported $0.95 EPS for the quarter, beating the consensus estimate of $0.92 by $0.03. Synovus Financial had a return on equity of 15.05% and a net margin of 22.41%. The business had revenue of $363.29 million for the quarter, compared to the consensus estimate of $368.24 million. During the same quarter in the prior year, the business earned $0.78 earnings per share. Synovus Financial’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, analysts predict that Synovus Financial Corp. will post 3.65 earnings per share for the current year.
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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