KCG Holdings Inc. reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 30.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,149 shares of the bank’s stock after selling 3,074 shares during the period. KCG Holdings Inc.’s holdings in Synovus Financial Corp. were worth $293,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of SNV. Advisory Services Network LLC acquired a new stake in shares of Synovus Financial Corp. during the first quarter valued at approximately $120,000. Balentine LLC raised its stake in shares of Synovus Financial Corp. by 0.3% in the first quarter. Balentine LLC now owns 3,108 shares of the bank’s stock worth $128,000 after buying an additional 9 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock worth $132,000 after buying an additional 297 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Synovus Financial Corp. during the first quarter worth about $135,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of 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 worth $145,000 after buying an additional 622 shares in the last quarter. 77.61% of the stock is currently owned by institutional investors.
Synovus Financial Corp. (NYSE SNV) traded down 0.36% on Friday, reaching $41.54. The company had a trading volume of 780,549 shares. The stock has a market capitalization of $5.05 billion, a P/E ratio of 18.86 and a beta of 1.12. The firm has a 50-day moving average of $43.77 and a 200-day moving average of $42.36. Synovus Financial Corp. has a 12 month low of $31.41 and a 12 month high of $45.38.
Synovus Financial Corp. (NYSE:SNV) last issued its earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The company had revenue of $319.80 million during the quarter, compared to the consensus estimate of $317.81 million. During the same period in the previous year, the firm posted $0.46 earnings per share. Synovus Financial Corp.’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, equities research analysts expect that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.
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A number of analysts have recently issued reports on the company. Barclays PLC set a $48.00 price target on Synovus Financial Corp. and gave the stock a “hold” rating in a research note on Wednesday, July 19th. Stephens set a $46.00 price target on Synovus Financial Corp. and gave the stock a “buy” rating in a research note on Tuesday. Zacks Investment Research downgraded Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Royal Bank Of Canada initiated coverage on Synovus Financial Corp. in a research report on Monday, July 17th. They set an “outperform” rating and a $51.00 price objective on the stock. Finally, BidaskClub downgraded Synovus Financial Corp. from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Synovus Financial Corp. presently has a consensus rating of “Hold” and an average target price of $42.78.
In other Synovus Financial Corp. news, EVP Kevin Joseph Howard sold 7,000 shares of Synovus Financial Corp. stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $43.37, for a total value 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 $2,016,271.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. 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 completion of 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.
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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