Synovus Financial Corp. (SNV) Position Decreased by Pzena Investment Management LLC
Pzena Investment Management LLC reduced its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 21.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 913,804 shares of the bank’s stock after selling 254,891 shares during the quarter. Pzena Investment Management LLC’s holdings in Synovus Financial were worth $43,808,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Cerebellum GP LLC bought a new stake in shares of Synovus Financial during the 4th quarter worth $124,000. Advisory Services Network LLC lifted its position in shares of Synovus Financial by 17.8% during the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after buying an additional 519 shares during the last quarter. Contravisory Investment Management Inc. bought a new stake in shares of Synovus Financial during the 4th quarter worth $171,000. PNC Financial Services Group Inc. lifted its position in shares of Synovus Financial by 16.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock worth $182,000 after buying an additional 583 shares during the last quarter. Finally, Alpine Woods Capital Investors LLC bought a new stake in shares of Synovus Financial during the 3rd quarter worth $207,000. Institutional investors and hedge funds own 79.15% of the company’s stock.
Several brokerages recently weighed in on SNV. Zacks Investment Research downgraded Synovus Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Morgan Stanley upped their price objective on Synovus Financial from $50.00 to $52.00 and gave the stock an “underperform” rating in a research report on Friday, January 26th. Barclays upped their price objective on Synovus Financial from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. Stephens restated a “buy” rating and set a $56.00 price objective on shares of Synovus Financial in a research report on Wednesday, January 24th. Finally, Bank of America upped their price objective on Synovus Financial from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $51.92.
Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, January 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.05. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The business had revenue of $339.07 million during the quarter, compared to analysts’ expectations of $338.60 million. During the same quarter in the prior year, the firm earned $0.54 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. equities analysts forecast that Synovus Financial Corp. will post 3.41 earnings per share for the current year.
Synovus Financial announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, Director Philip W. Tomlinson sold 1,052 shares of the stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $48.82, for a total value of $51,358.64. Following the completion of the sale, the director now owns 27,139 shares of the company’s stock, valued at $1,324,925.98. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Mark G. Holladay sold 5,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.16, for a total value of $250,800.00. Following the completion of the sale, the vice president now directly owns 52,063 shares of the company’s stock, valued at approximately $2,611,480.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,502 shares of company stock valued at $425,198. Insiders own 1.50% of the company’s stock.
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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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