Martingale Asset Management L P grew its position in shares of Synovus Financial Corp. (NYSE:SNV) by 1.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 859,353 shares of the bank’s stock after purchasing an additional 11,603 shares during the period. Martingale Asset Management L P owned approximately 0.72% of Synovus Financial worth $45,401,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of SNV. Millennium Management LLC raised its stake in shares of Synovus Financial by 70.6% during the first quarter. Millennium Management LLC now owns 3,589,308 shares of the bank’s stock valued at $179,250,000 after purchasing an additional 1,485,871 shares during the period. First Trust Advisors LP raised its stake in shares of Synovus Financial by 101.1% during the second quarter. First Trust Advisors LP now owns 1,057,997 shares of the bank’s stock valued at $55,894,000 after purchasing an additional 531,793 shares during the period. Eagle Asset Management Inc. raised its stake in shares of Synovus Financial by 6.3% during the second quarter. Eagle Asset Management Inc. now owns 3,515,849 shares of the bank’s stock valued at $185,742,000 after purchasing an additional 208,640 shares during the period. Smith Asset Management Group LP increased its stake in shares of Synovus Financial by 18,843.8% in the second quarter. Smith Asset Management Group LP now owns 181,860 shares of the bank’s stock worth $9,608,000 after buying an additional 180,900 shares during the last quarter. Finally, MUFG Securities EMEA plc bought a new stake in shares of Synovus Financial in the first quarter worth $8,989,000. Institutional investors own 83.51% of the company’s stock.
Shares of Synovus Financial stock opened at $50.76 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.58. Synovus Financial Corp. has a 52 week low of $40.27 and a 52 week high of $57.40. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of 20.06, a price-to-earnings-growth ratio of 1.74 and a beta of 0.97.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 24th. The bank reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. Synovus Financial had a net margin of 21.47% and a return on equity of 13.61%. The firm had revenue of $359.30 million for the quarter, compared to analysts’ expectations of $356.60 million. During the same period in the previous year, the business earned $0.61 earnings per share. Synovus Financial’s revenue for the quarter was up 12.4% compared to the same quarter last year. analysts predict that Synovus Financial Corp. will post 3.63 earnings per share for the current year.
In other Synovus Financial news, VP Mark G. Holladay purchased 4,000 shares of the company’s stock in a transaction on Thursday, June 21st. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the vice president now owns 4,000 shares in the company, valued at $100,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Allan E. Kamensky purchased 1,000 shares of the company’s stock in a transaction on Friday, July 27th. The stock was acquired at an average price of $50.06 per share, for a total transaction of $50,060.00. Following the completion of the transaction, the executive vice president now owns 66,166 shares of the company’s stock, valued at approximately $3,312,269.96. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 20,310 shares of company stock worth $614,173. 1.50% of the stock is owned by company insiders.
A number of equities analysts have commented on the stock. Stephens reaffirmed an “equal weight” rating and issued a $31.00 price objective on shares of Synovus Financial in a report on Tuesday, July 24th. ValuEngine raised shares of Synovus Financial from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Wednesday, August 1st. Barclays lifted their price objective on shares of Synovus Financial from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 25th. Finally, Morgan Stanley decreased their price objective on shares of Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating for the company in a report on Tuesday, July 31st. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $51.43.
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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