Alliancebernstein L.P. Raises Stake in Synovus Financial Corp. (SNV)
Alliancebernstein L.P. lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 17.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,312,617 shares of the bank’s stock after purchasing an additional 344,670 shares during the quarter. Alliancebernstein L.P. owned about 1.99% of Synovus Financial worth $105,895,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. lifted its position in shares of Synovus Financial by 11.3% during the second quarter. BlackRock Inc. now owns 11,945,202 shares of the bank’s stock worth $631,066,000 after purchasing an additional 1,210,436 shares in the last quarter. Eagle Asset Management Inc. raised its holdings in Synovus Financial by 6.3% in the second quarter. Eagle Asset Management Inc. now owns 3,515,849 shares of the bank’s stock valued at $185,742,000 after acquiring an additional 208,640 shares in the last quarter. Carillon Tower Advisers Inc. raised its holdings in Synovus Financial by 52.3% in the second quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock valued at $132,245,000 after acquiring an additional 891,789 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Synovus Financial by 18.4% in the third quarter. Victory Capital Management Inc. now owns 2,245,129 shares of the bank’s stock valued at $102,805,000 after acquiring an additional 348,650 shares in the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in Synovus Financial in the third quarter valued at approximately $78,199,000. 77.57% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently weighed in on SNV. FIG Partners raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating in a report on Tuesday, November 13th. Morgan Stanley raised shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and set a $50.00 target price on the stock in a report on Monday, November 12th. Keefe, Bruyette & Woods raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $55.00 target price on the stock in a report on Thursday, November 8th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating in a report on Wednesday, October 31st. They noted that the move was a valuation call. Finally, ValuEngine cut shares of Synovus Financial from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $52.08.
Shares of Synovus Financial stock opened at $36.29 on Thursday. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 14.34, a P/E/G ratio of 1.27 and a beta of 1.18. Synovus Financial Corp. has a 52 week low of $35.59 and a 52 week high of $57.40. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.97 and a current ratio of 0.97.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.03. The company had revenue of $363.29 million for the quarter, compared to analyst estimates of $368.24 million. Synovus Financial had a net margin of 22.41% and a return on equity of 15.05%. The firm’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.78 earnings per share. Analysts anticipate that Synovus Financial Corp. will post 3.65 EPS for the current fiscal year.
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Synovus Financial 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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