ClariVest Asset Management LLC Sells 18,200 Shares of Synovus Financial Corp. (SNV)
ClariVest Asset Management LLC trimmed its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 22.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 63,400 shares of the bank’s stock after selling 18,200 shares during the quarter. ClariVest Asset Management LLC’s holdings in Synovus Financial were worth $2,903,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in shares of Synovus Financial by 11.3% during the 2nd quarter. BlackRock Inc. now owns 11,945,202 shares of the bank’s stock valued at $631,066,000 after purchasing an additional 1,210,436 shares during the period. Eagle Asset Management Inc. raised its stake in shares of Synovus Financial by 6.3% during the 2nd 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. Carillon Tower Advisers Inc. raised its stake in shares of Synovus Financial by 52.3% during the 2nd quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock valued at $132,245,000 after purchasing an additional 891,789 shares during the period. Victory Capital Management Inc. raised its stake in shares of Synovus Financial by 18.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,245,129 shares of the bank’s stock valued at $102,805,000 after purchasing an additional 348,650 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Synovus Financial during the 3rd quarter valued at $78,199,000. Institutional investors own 82.68% of the company’s stock.
A number of research firms recently issued reports on SNV. FIG Partners upgraded Synovus Financial from a “market perform” rating to an “outperform” rating in a research note on Tuesday, November 13th. Morgan Stanley upgraded Synovus Financial from an “equal weight” rating to an “overweight” rating and set a $50.00 price objective on the stock in a research note on Monday, November 12th. Keefe, Bruyette & Woods upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $55.00 price objective on the stock in a research note on Thursday, November 8th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating in a research note on Wednesday, October 31st. They noted that the move was a valuation call. Finally, ValuEngine lowered Synovus Financial from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. Synovus Financial presently has a consensus rating of “Hold” and a consensus target price of $52.08.
Synovus Financial (NYSE:SNV) last announced its earnings results on Tuesday, October 23rd. The bank reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.03. The business had revenue of $363.29 million for the quarter, compared to analyst estimates of $368.24 million. Synovus Financial had a return on equity of 15.05% and a net margin of 22.41%. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 EPS. Research analysts forecast that Synovus Financial Corp. will post 3.65 EPS for the current fiscal year.
In other Synovus Financial news, EVP Allen J. Gula sold 1,400 shares of the company’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $37.29, for a total value of $52,206.00. Following the transaction, the executive vice president now directly owns 72,283 shares in the company, valued at approximately $2,695,433.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elizabeth W. Camp bought 3,000 shares of the firm’s stock in a transaction on Thursday, October 25th. The stock was acquired at an average price of $36.97 per share, for a total transaction of $110,910.00. Following the completion of the purchase, the director now directly owns 16,718 shares in the company, valued at $618,064.46. The disclosure for this purchase can be found here. 1.50% of the stock is owned by corporate insiders.
COPYRIGHT VIOLATION NOTICE: “ClariVest Asset Management LLC Sells 18,200 Shares of Synovus Financial Corp. (SNV)” was reported by Daily Political and is owned by of Daily Political. If you are reading this news story on another domain, it was copied illegally and republished in violation of U.S. & international copyright & trademark law. The original version of this news story can be read at https://www.dailypolitical.com/2018/11/19/clarivest-asset-management-llc-sells-18200-shares-of-synovus-financial-corp-snv.html.
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.
Recommended Story: What is the yield curve?
Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV).
Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.