ClariVest Asset Management LLC lessened its holdings in shares of Synovus (NYSE:SNV) by 1.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 139,300 shares of the bank’s stock after selling 2,000 shares during the period. ClariVest Asset Management LLC owned 0.12% of Synovus worth $6,956,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in SNV. Carillon Tower Advisers Inc. bought a new stake in shares of Synovus during the 4th quarter valued at $107,998,000. APG Asset Management N.V. boosted its holdings in shares of Synovus by 1,642.6% during the 4th quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock valued at $17,462,000 after buying an additional 412,300 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Synovus by 65.2% during the 4th quarter. Deutsche Bank AG now owns 739,948 shares of the bank’s stock valued at $35,470,000 after buying an additional 291,904 shares in the last quarter. First Quadrant L P CA boosted its holdings in shares of Synovus by 85.2% during the 4th quarter. First Quadrant L P CA now owns 420,673 shares of the bank’s stock valued at $20,167,000 after buying an additional 193,494 shares in the last quarter. Finally, MUFG Securities EMEA plc bought a new stake in shares of Synovus during the 1st quarter valued at $8,989,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.
In other Synovus news, EVP Curtis J. Perry sold 2,000 shares of the business’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $54.36, for a total value of $108,720.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is currently owned by insiders.
Synovus (NYSE:SNV) last issued its earnings results on Tuesday, April 24th. The bank reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.08. Synovus had a return on equity of 12.29% and a net margin of 19.87%. The business had revenue of $341.30 million during the quarter, compared to analyst estimates of $343.04 million. During the same quarter in the previous year, the firm earned $0.57 EPS. Synovus’s revenue was up 12.2% on a year-over-year basis. analysts expect that Synovus will post 3.57 earnings per share for the current fiscal year.
Synovus declared that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
A number of analysts have recently commented on the stock. Piper Jaffray assumed coverage on shares of Synovus in a report on Monday, April 9th. They set a “neutral” rating and a $52.00 target price on the stock. Morgan Stanley upped their price target on shares of Synovus from $50.00 to $52.00 and gave the stock an “underperform” rating in a research note on Friday, January 26th. Barclays upped their price target on shares of Synovus from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 25th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $55.00 price target on shares of Synovus in a research note on Tuesday, February 27th. Finally, Zacks Investment Research upgraded shares of Synovus from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research note on Thursday, April 5th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. Synovus currently has an average rating of “Hold” and a consensus target price of $53.40.
Synovus 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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