Emerald Mutual Fund Advisers Trust lowered its stake in Synovus Financial Corp. (NYSE:SNV) by 0.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,625 shares of the bank’s stock after selling 270 shares during the period. Emerald Mutual Fund Advisers Trust’s holdings in Synovus Financial were worth $1,877,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC acquired a new stake in shares of Synovus Financial during the 2nd quarter worth about $30,000. Investors Research Corp acquired a new stake in shares of Synovus Financial during the 1st quarter worth about $30,000. Parallel Advisors LLC raised its position in shares of Synovus Financial by 118.7% during the 1st quarter. Parallel Advisors LLC now owns 912 shares of the bank’s stock worth $31,000 after acquiring an additional 495 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Synovus Financial by 262.3% during the 1st quarter. Parkside Financial Bank & Trust now owns 1,000 shares of the bank’s stock worth $34,000 after acquiring an additional 724 shares in the last quarter. Finally, KBC Group NV acquired a new stake in shares of Synovus Financial during the 2nd quarter worth about $40,000. 84.01% of the stock is currently owned by institutional investors.
Several equities research analysts have recently weighed in on SNV shares. Evercore ISI raised Synovus Financial from an “in-line” rating to an “outperform” rating in a research report on Thursday, August 8th. ValuEngine raised Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 27th. Royal Bank of Canada started coverage on Synovus Financial in a research report on Friday, July 12th. They set an “outperform” rating and a $42.00 target price on the stock. Stephens raised Synovus Financial from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, August 6th. Finally, Raymond James cut their target price on Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $44.52.
Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, July 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.01. The firm had revenue of $487.90 million for the quarter, compared to the consensus estimate of $482.13 million. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The firm’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 EPS. Equities research analysts predict that Synovus Financial Corp. will post 4.01 EPS for the current fiscal 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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