Synovus Financial Corp. (NYSE:SNV) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 3.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,371 shares of the bank’s stock after selling 700 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Synovus Financial were worth $713,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Synovus Financial Corp raised its position in Synovus Financial by 1.4% in the 1st quarter. Synovus Financial Corp now owns 6,081,527 shares of the bank’s stock valued at $208,973,000 after purchasing an additional 85,903 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Synovus Financial by 32.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock worth $70,065,000 after buying an additional 530,991 shares during the last quarter. Geode Capital Management LLC raised its position in Synovus Financial by 48.5% during the 4th quarter. Geode Capital Management LLC now owns 1,615,735 shares of the bank’s stock worth $51,686,000 after buying an additional 528,022 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Synovus Financial by 427.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,474,364 shares of the bank’s stock worth $50,659,000 after buying an additional 1,195,084 shares during the last quarter. Finally, Boston Partners raised its position in Synovus Financial by 192.8% during the 1st quarter. Boston Partners now owns 1,094,347 shares of the bank’s stock worth $37,602,000 after buying an additional 720,569 shares during the last quarter. Hedge funds and other institutional investors own 84.04% of the company’s stock.

Shares of SNV opened at $34.70 on Friday. The company has a 50-day simple moving average of $35.88 and a 200-day simple moving average of $35.90. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $5.43 billion, a PE ratio of 9.24, a P/E/G ratio of 1.11 and a beta of 1.31. Synovus Financial Corp. has a 52-week low of $29.93 and a 52-week high of $50.76.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, July 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.01. The business had revenue of $487.90 million during the quarter, compared to the consensus estimate of $482.13 million. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The business’s revenue was up 36.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.92 EPS. On average, research analysts anticipate that Synovus Financial Corp. will post 4.02 EPS for the current year.

A number of equities analysts have commented on the stock. Raymond James cut their price objective on shares of Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a research report on Tuesday, June 18th. Stephens upgraded shares of Synovus Financial from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, August 6th. DA Davidson assumed coverage on shares of Synovus Financial in a research report on Tuesday. They set a “buy” rating and a $41.00 price objective for the company. Evercore ISI upgraded shares of Synovus Financial from an “in-line” rating to an “outperform” rating in a research report on Thursday, August 8th. Finally, Royal Bank of Canada assumed coverage on shares of Synovus Financial in a research report on Friday, July 12th. They set an “outperform” rating and a $42.00 price objective for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Synovus Financial currently has an average rating of “Buy” and an average price target of $44.27.

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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

Further Reading: Cost of Capital Explained

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

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