Synovus Financial Corp. (SNV) Holdings Cut by CNA Financial Corp
CNA Financial Corp decreased its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 20.3% during the fourth quarter, HoldingsChannel reports. The firm owned 17,413 shares of the bank’s stock after selling 4,432 shares during the quarter. CNA Financial Corp’s holdings in Synovus Financial were worth $835,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently modified their holdings of the business. Advisory Services Network LLC increased its stake in Synovus Financial by 17.8% during the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after purchasing an additional 519 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Synovus Financial by 16.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock valued at $182,000 after purchasing an additional 583 shares in the last quarter. QS Investors LLC increased its stake in Synovus Financial by 11.0% during the 2nd quarter. QS Investors LLC now owns 10,039 shares of the bank’s stock valued at $444,000 after purchasing an additional 993 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Synovus Financial by 4.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 25,312 shares of the bank’s stock valued at $1,120,000 after purchasing an additional 1,001 shares in the last quarter. Finally, Maltese Capital Management LLC increased its stake in Synovus Financial by 0.3% during the 4th quarter. Maltese Capital Management LLC now owns 405,065 shares of the bank’s stock valued at $19,419,000 after purchasing an additional 1,065 shares in the last quarter. Institutional investors and hedge funds own 78.35% of the company’s stock.
In other news, COO Allen J. Gula sold 2,450 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $50.22, for a total value of $123,039.00. Following the sale, the chief operating officer now owns 70,111 shares in the company, valued at $3,520,974.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark G. Holladay sold 5,000 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.16, for a total transaction of $250,800.00. Following the completion of the sale, the vice president now owns 52,063 shares in the company, valued at approximately $2,611,480.08. The disclosure for this sale can be found here. Insiders sold 8,502 shares of company stock worth $425,198 in the last quarter. Company insiders own 1.50% of the company’s stock.
Shares of Synovus Financial Corp. (NYSE SNV) opened at $48.93 on Wednesday. The firm has a market cap of $5,787.92, a price-to-earnings ratio of 19.17, a PEG ratio of 1.78 and a beta of 1.12. Synovus Financial Corp. has a 52 week low of $37.95 and a 52 week high of $52.08. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.60.
Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.05. The firm had revenue of $339.07 million for the quarter, compared to analyst estimates of $338.60 million. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 earnings per share. research analysts forecast that Synovus Financial Corp. will post 3.41 EPS for the current fiscal year.
Synovus Financial announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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Synovus Financial 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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