State Treasurer State of Michigan Has $2.23 Million Stake in Synovus Financial Corp. (SNV)

State Treasurer State of Michigan increased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 1.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 50,405 shares of the bank’s stock after buying an additional 700 shares during the period. State Treasurer State of Michigan’s holdings in Synovus Financial Corp. were worth $2,230,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Glen Harbor Capital Management LLC boosted its stake in shares of Synovus Financial Corp. by 14.0% in the first quarter. Glen Harbor Capital Management LLC now owns 6,468 shares of the bank’s stock worth $265,000 after buying an additional 792 shares during the last quarter. Nationwide Fund Advisors boosted its stake in shares of Synovus Financial Corp. by 4.1% in the first quarter. Nationwide Fund Advisors now owns 214,613 shares of the bank’s stock worth $8,803,000 after buying an additional 8,357 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in shares of Synovus Financial Corp. during the first quarter worth approximately $574,000. Louisiana State Employees Retirement System boosted its stake in shares of Synovus Financial Corp. by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 30,900 shares of the bank’s stock worth $1,268,000 after buying an additional 700 shares during the last quarter. Finally, Fox Run Management L.L.C. boosted its stake in shares of Synovus Financial Corp. by 72.2% in the first quarter. Fox Run Management L.L.C. now owns 9,300 shares of the bank’s stock worth $381,000 after buying an additional 3,900 shares during the last quarter. 77.61% of the stock is owned by hedge funds and other institutional investors.

Shares of Synovus Financial Corp. (NYSE SNV) opened at 41.54 on Friday. The firm has a market capitalization of $5.05 billion, a price-to-earnings ratio of 18.86 and a beta of 1.12. Synovus Financial Corp. has a 12-month low of $31.41 and a 12-month high of $45.38. The company’s 50-day moving average is $43.77 and its 200-day moving average is $42.36.

Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $319.80 million during the quarter, compared to analysts’ expectations of $317.81 million. During the same period in the previous 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 forecast that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.

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A number of brokerages have recently issued reports on SNV. Barclays PLC reiterated an “equal weight” rating and set a $46.00 price target (up from $44.00) on shares of Synovus Financial Corp. in a research note on Wednesday, July 12th. Zacks Investment Research lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Stephens reiterated a “buy” rating and set a $46.00 price target on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Royal Bank Of Canada initiated coverage on shares of Synovus Financial Corp. in a research note on Monday, July 17th. They set an “outperform” rating and a $51.00 price target on the stock. Finally, BidaskClub lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $42.78.

In related news, EVP Curtis J. Perry sold 7,062 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $43.86, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin Joseph Howard sold 7,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly owns 46,490 shares in the company, valued at approximately $2,016,271.30. 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.

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

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