BlackRock Inc. cut its stake in Synovus Financial Corp. (NYSE:SNV) by 10.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,712,778 shares of the bank’s stock after selling 1,315,620 shares during the period. BlackRock Inc. owned approximately 0.09% of Synovus Financial worth $513,570,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Maltese Capital Management LLC increased its holdings in Synovus Financial by 0.3% in the fourth quarter. Maltese Capital Management LLC now owns 405,065 shares of the bank’s stock valued at $19,419,000 after buying an additional 1,065 shares in the last quarter. Signature Estate & Investment Advisors LLC increased its holdings in Synovus Financial by 7.4% in the fourth quarter. Signature Estate & Investment Advisors LLC now owns 15,884 shares of the bank’s stock valued at $761,000 after buying an additional 1,098 shares in the last quarter. Chicago Equity Partners LLC increased its holdings in Synovus Financial by 0.8% in the fourth quarter. Chicago Equity Partners LLC now owns 157,510 shares of the bank’s stock valued at $7,551,000 after buying an additional 1,245 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Synovus Financial by 11.6% in the third quarter. Pacer Advisors Inc. now owns 18,548 shares of the bank’s stock valued at $854,000 after buying an additional 1,925 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Synovus Financial by 43.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,625 shares of the bank’s stock valued at $318,000 after buying an additional 2,017 shares in the last quarter. 79.15% of the stock is owned by institutional investors.
In related news, Director Philip W. Tomlinson sold 1,052 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $48.82, for a total transaction of $51,358.64. Following the sale, the director now owns 27,139 shares in the company, valued at $1,324,925.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction that occurred 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 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. In the last 90 days, insiders have sold 8,502 shares of company stock worth $425,198. 1.50% of the stock is owned by company insiders.
Synovus Financial Corp. (NYSE:SNV) opened at $49.30 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 0.97. Synovus Financial Corp. has a 12 month low of $37.95 and a 12 month high of $52.08. The firm has a market cap of $5,890.00, a P/E ratio of 19.26, a PEG ratio of 1.87 and a beta of 1.12.
Synovus Financial (NYSE:SNV) last issued 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. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The business had revenue of $339.07 million during the quarter, compared to analysts’ expectations of $338.60 million. During the same period last year, the company posted $0.54 EPS. The company’s revenue was up 10.3% on a year-over-year basis. research analysts predict that Synovus Financial Corp. will post 3.41 earnings per share for the current 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 reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
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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