Virginia Retirement Systems ET AL Sells 14,400 Shares of Synovus Financial Corp. (SNV)

Virginia Retirement Systems ET AL cut its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 24.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,500 shares of the bank’s stock after selling 14,400 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Synovus Financial were worth $2,298,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Synovus Financial Corp lifted its stake in shares of Synovus Financial by 0.6% in the 1st quarter. Synovus Financial Corp now owns 5,971,594 shares of the bank’s stock valued at $298,235,000 after purchasing an additional 38,521 shares during the period. Millennium Management LLC lifted its stake in shares of Synovus Financial by 70.6% in the 1st quarter. Millennium Management LLC now owns 3,589,308 shares of the bank’s stock valued at $179,250,000 after purchasing an additional 1,485,871 shares during the period. Eagle Asset Management Inc. lifted its stake in shares of Synovus Financial by 3.5% in the 1st quarter. Eagle Asset Management Inc. now owns 3,307,209 shares of the bank’s stock valued at $165,162,000 after purchasing an additional 112,331 shares during the period. First Trust Advisors LP lifted its stake in shares of Synovus Financial by 101.1% in the 2nd quarter. First Trust Advisors LP now owns 1,057,997 shares of the bank’s stock valued at $55,894,000 after purchasing an additional 531,793 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its stake in shares of Synovus Financial by 6.1% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 757,115 shares of the bank’s stock valued at $37,811,000 after purchasing an additional 43,232 shares during the period. 80.22% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Synovus Financial stock opened at $49.77 on Wednesday. Synovus Financial Corp. has a one year low of $40.27 and a one year high of $57.40. The stock has a market capitalization of $5.81 billion, a P/E ratio of 19.67, a PEG ratio of 1.71 and a beta of 0.97. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.98 and a quick ratio of 0.97.



Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, July 24th. The bank reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Synovus Financial had a return on equity of 13.61% and a net margin of 21.47%. The business had revenue of $359.30 million during the quarter, compared to analyst estimates of $356.60 million. During the same period in the previous year, the company posted $0.61 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. analysts expect that Synovus Financial Corp. will post 3.63 EPS for the current fiscal year.

A number of brokerages have recently issued reports on SNV. Stephens reissued an “equal weight” rating and issued a $31.00 price objective on shares of Synovus Financial in a research note on Tuesday, July 24th. ValuEngine downgraded Synovus Financial from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. Zacks Investment Research downgraded Synovus Financial from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Morgan Stanley boosted their price objective on Synovus Financial from $53.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, April 27th. Finally, Barclays boosted their price objective on Synovus Financial from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 25th. Twelve equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $51.43.

In related news, Director Philip W. Tomlinson acquired 10,000 shares of the firm’s stock in a transaction on Thursday, June 21st. The stock was purchased at an average cost of $25.00 per share, with a total value of $250,000.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $250,000. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Allan E. Kamensky acquired 1,000 shares of the firm’s stock in a transaction on Friday, July 27th. The shares were bought at an average cost of $50.06 per share, with a total value of $50,060.00. Following the completion of the acquisition, the executive vice president now directly owns 66,166 shares in the company, valued at approximately $3,312,269.96. The disclosure for this purchase can be found here. Insiders purchased a total of 20,310 shares of company stock valued at $614,173 over the last ninety days. 1.50% of the stock is currently owned by corporate insiders.

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

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

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