Manchester Capital Management LLC acquired a new position in Synovus Financial Corp. (NYSE:SNV) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,464 shares of the bank’s stock, valued at approximately $50,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Synovus Financial by 30.5% in the 4th quarter. BlackRock Inc. now owns 15,241,685 shares of the bank’s stock worth $487,582,000 after purchasing an additional 3,558,924 shares during the period. Vanguard Group Inc boosted its stake in Synovus Financial by 3.6% in the 3rd quarter. Vanguard Group Inc now owns 11,158,600 shares of the bank’s stock worth $510,952,000 after purchasing an additional 387,831 shares during the period. Synovus Financial Corp boosted its stake in Synovus Financial by 0.5% in the 4th quarter. Synovus Financial Corp now owns 5,995,624 shares of the bank’s stock worth $191,814,000 after purchasing an additional 31,036 shares during the period. Bank of New York Mellon Corp boosted its stake in Synovus Financial by 57.4% in the 4th quarter. Bank of New York Mellon Corp now owns 2,410,411 shares of the bank’s stock worth $77,110,000 after purchasing an additional 878,558 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Synovus Financial by 32.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock worth $70,065,000 after purchasing an additional 530,991 shares during the period. 74.02% of the stock is owned by institutional investors.
Several research analysts have commented on the company. Raymond James restated a “buy” rating and issued a $44.00 target price on shares of Synovus Financial in a research note on Thursday, February 21st. TheStreet upgraded Synovus Financial from a “c+” rating to a “b-” rating in a research note on Thursday, February 28th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $49.00 target price on shares of Synovus Financial in a research note on Sunday, February 24th. Finally, Bank of America restated a “buy” rating and issued a $48.00 target price (up previously from $40.00) on shares of Synovus Financial in a research note on Tuesday, March 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $45.13.
Shares of SNV opened at $34.29 on Friday. The stock has a market cap of $5.40 billion, a PE ratio of 9.42, a price-to-earnings-growth ratio of 1.09 and a beta of 1.25. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.48. Synovus Financial Corp. has a 12-month low of $29.93 and a 12-month high of $57.40.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.08. The firm had revenue of $476.50 million during the quarter, compared to the consensus estimate of $459.05 million. Synovus Financial had a return on equity of 15.58% and a net margin of 24.36%. The company’s revenue for the quarter was up 39.6% on a year-over-year basis. During the same quarter last year, the company posted $0.86 EPS. On average, equities analysts forecast that Synovus Financial Corp. will post 4.03 earnings per share for the current year.
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: Stock Symbols and CUSIP Explained
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