Peregrine Capital Management LLC lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 91,853.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 229,883 shares of the bank’s stock after buying an additional 229,633 shares during the quarter. Peregrine Capital Management LLC owned about 0.16% of Synovus Financial worth $4,719,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the company. New Mexico Educational Retirement Board boosted its holdings in shares of Synovus Financial by 37.4% in the first quarter. New Mexico Educational Retirement Board now owns 34,900 shares of the bank’s stock valued at $613,000 after buying an additional 9,500 shares during the period. FDx Advisors Inc. bought a new position in shares of Synovus Financial in the first quarter valued at about $718,000. APG Asset Management N.V. bought a new position in shares of Synovus Financial in the first quarter valued at about $6,989,000. Rockefeller Capital Management L.P. raised its position in shares of Synovus Financial by 338.6% in the first quarter. Rockefeller Capital Management L.P. now owns 10,631 shares of the bank’s stock valued at $187,000 after purchasing an additional 8,207 shares during the period. Finally, Nuveen Asset Management LLC raised its position in shares of Synovus Financial by 49.1% in the fourth quarter. Nuveen Asset Management LLC now owns 914,903 shares of the bank’s stock valued at $35,864,000 after purchasing an additional 301,469 shares during the period. Institutional investors own 78.22% of the company’s stock.
Several brokerages have recently weighed in on SNV. ValuEngine raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, July 22nd. SunTrust Banks increased their price objective on shares of Synovus Financial from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Morgan Stanley increased their price objective on shares of Synovus Financial from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. Royal Bank of Canada raised shares of Synovus Financial from an “underperform” rating to a “sector perform” rating and increased their price objective for the company from $16.00 to $19.00 in a research report on Wednesday, July 22nd. Finally, Raymond James upped their price target on shares of Synovus Financial from $21.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $32.40.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.08. The firm had revenue of $472.80 million for the quarter, compared to the consensus estimate of $450.30 million. Synovus Financial had a net margin of 17.25% and a return on equity of 8.51%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.00 earnings per share. On average, sell-side analysts expect that Synovus Financial Corp. will post 1.47 earnings per share for the current year.
Synovus Financial Company 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.
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