Oregon Public Employees Retirement Fund boosted its holdings in Synovus Financial Corp. (NYSE:SNV) by 1.4% during the second quarter, Holdings Channel.com reports. The fund owned 67,099 shares of the bank’s stock after acquiring an additional 910 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Synovus Financial were worth $2,348,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. State of Tennessee Treasury Department grew its stake in Synovus Financial by 364.3% in the 1st quarter. State of Tennessee Treasury Department now owns 165,689 shares of the bank’s stock valued at $5,693,000 after acquiring an additional 130,000 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of Synovus Financial by 58.2% during the 1st quarter. Lazard Asset Management LLC now owns 745,438 shares of the bank’s stock worth $25,613,000 after purchasing an additional 274,351 shares during the last quarter. Norges Bank acquired a new stake in shares of Synovus Financial during the 4th quarter worth about $38,056,000. Castine Capital Management LLC acquired a new stake in shares of Synovus Financial during the 1st quarter worth about $8,463,000. Finally, Alps Advisors Inc. boosted its stake in shares of Synovus Financial by 6.8% during the 1st quarter. Alps Advisors Inc. now owns 10,447 shares of the bank’s stock worth $359,000 after purchasing an additional 664 shares during the last quarter. 82.35% of the stock is currently owned by hedge funds and other institutional investors.
SNV has been the topic of several analyst reports. ValuEngine raised shares of Synovus Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 27th. Royal Bank of Canada initiated coverage on shares of Synovus Financial in a research note on Friday, July 12th. They set an “outperform” rating and a $42.00 price target on the stock. Raymond James decreased their price target on shares of Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, June 18th. Finally, Stephens reaffirmed a “neutral” rating on shares of Synovus Financial in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Synovus Financial has a consensus rating of “Buy” and a consensus price target of $44.52.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 16th. The bank reported $1.00 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.01. The business had revenue of $487.90 million for the quarter, compared to analyst estimates of $482.13 million. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The company’s revenue was up 36.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 EPS. As a group, equities research analysts predict that Synovus Financial Corp. will post 4.01 earnings per share for the current year.
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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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