Maltese Capital Management LLC increased its stake in Synovus Financial Corp. (NYSE:SNV) by 61.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 404,000 shares of the bank’s stock after acquiring an additional 154,000 shares during the period. Synovus Financial comprises approximately 1.6% of Maltese Capital Management LLC’s portfolio, making the stock its 12th largest position. Maltese Capital Management LLC owned about 0.34% of Synovus Financial worth $18,608,000 as of its most recent filing with the SEC.
A number of other large investors also recently made changes to their positions in SNV. Balentine LLC lifted its stake in Synovus Financial by 0.4% in the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after purchasing an additional 12 shares during the last quarter. TLP Group LLC bought a new stake in Synovus Financial in the second quarter worth $145,000. Advisory Services Network LLC lifted its stake in Synovus Financial by 17.8% in the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after purchasing an additional 519 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Synovus Financial by 16.5% in the second quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock worth $182,000 after purchasing an additional 583 shares during the last quarter. Finally, Alpine Woods Capital Investors LLC bought a new stake in Synovus Financial in the third quarter worth $207,000. Institutional investors own 77.83% of the company’s stock.
In related news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the business’s 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 owns 43,488 shares in the company, valued at $2,013,059.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Allen J. Gula sold 2,125 shares of the business’s 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 transaction, the chief operating officer now owns 72,561 shares in the company, valued at approximately $3,418,348.71. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.64 by $0.01. The firm had revenue of $398.01 million during the quarter, compared to the consensus estimate of $331.27 million. Synovus Financial had a net margin of 21.39% and a return on equity of 10.44%. During the same period in the prior year, the firm posted $0.65 earnings per share. equities research analysts expect that Synovus Financial Corp. will post 2.45 earnings per share for the current fiscal year.
SNV has been the subject of several recent research reports. Zacks Investment Research downgraded shares of Synovus Financial from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. Robert W. Baird reissued a “hold” rating and issued a $43.00 price target on shares of Synovus Financial in a research note on Friday, October 20th. ValuEngine downgraded shares of Synovus Financial from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Sanford C. Bernstein reissued a “market perform” rating and issued a $42.00 price target (up from $41.00) on shares of Synovus Financial in a research note on Saturday, September 16th. Finally, SunTrust Banks reissued a “buy” rating and issued a $51.00 price target on shares of Synovus Financial in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. Synovus Financial has a consensus rating of “Hold” and a consensus price target of $45.64.
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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