Migdal Insurance & Financial Holdings Ltd. Buys Shares of 7,677 Synovus Financial Corp. (SNV)
Migdal Insurance & Financial Holdings Ltd. purchased a new position in Synovus Financial Corp. (NYSE:SNV) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 7,677 shares of the bank’s stock, valued at approximately $412,000.
A number of other institutional investors have also recently made changes to their positions in SNV. OppenheimerFunds Inc. grew its holdings in Synovus Financial Corp. by 34.9% in the 1st quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock worth $317,000 after acquiring an additional 1,998 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Synovus Financial Corp. by 21.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after acquiring an additional 622 shares during the last quarter. New York State Teachers Retirement System grew its holdings in Synovus Financial Corp. by 12.1% in the 1st quarter. New York State Teachers Retirement System now owns 38,900 shares of the bank’s stock worth $1,596,000 after acquiring an additional 4,200 shares during the last quarter. Tudor Investment Corp ET AL bought a new stake in Synovus Financial Corp. in the 1st quarter worth $333,000. Finally, Capstone Asset Management Co. grew its holdings in Synovus Financial Corp. by 1.1% in the 2nd quarter. Capstone Asset Management Co. now owns 9,040 shares of the bank’s stock worth $400,000 after acquiring an additional 100 shares during the last quarter. 78.60% of the stock is currently owned by institutional investors and hedge funds.
SNV has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. Stephens reissued a “buy” rating and issued a $46.00 price target on shares of Synovus Financial Corp. in a report on Wednesday, July 19th. BidaskClub lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Robert W. Baird reissued a “hold” rating and issued a $43.00 price target on shares of Synovus Financial Corp. in a report on Friday, October 20th. Finally, Barclays PLC set a $48.00 price target on shares of Synovus Financial Corp. and gave the stock a “hold” rating in a report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.36.
Synovus Financial Corp. (NYSE SNV) traded down $0.08 during trading hours on Friday, hitting $45.03. 835,100 shares of the stock traded hands, compared to its average volume of 773,870. Synovus Financial Corp. has a 12-month low of $36.26 and a 12-month high of $47.67. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $5,381.76, a PE ratio of 19.08, a price-to-earnings-growth ratio of 2.27 and a beta of 1.13.
Synovus Financial Corp. (NYSE:SNV) last posted its earnings results on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.01. Synovus Financial Corp. had a net margin of 21.39% and a return on equity of 10.44%. The firm had revenue of $398.01 million during the quarter, compared to analysts’ expectations of $331.27 million. During the same period last year, the company posted $0.65 EPS. equities research analysts expect that Synovus Financial Corp. will post 2.48 earnings per share for the current fiscal year.
In related news, COO Allen J. Gula sold 2,125 shares of Synovus Financial Corp. stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $47.11, for a total transaction of $100,108.75. Following the completion of the transaction, the chief operating officer now directly owns 72,561 shares of the company’s stock, valued at approximately $3,418,348.71. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of Synovus Financial Corp. stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $46.29, for a total transaction of $462,900.00. Following the transaction, the executive vice president now directly owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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