M&R Capital Management Inc. boosted its position in Synovus Financial Corp. (NYSE:SNV) by 1.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 52,155 shares of the bank’s stock after buying an additional 700 shares during the period. M&R Capital Management Inc.’s holdings in Synovus Financial were worth $1,825,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. First Allied Advisory Services Inc. boosted its position in Synovus Financial by 3.8% in the 4th quarter. First Allied Advisory Services Inc. now owns 9,169 shares of the bank’s stock worth $292,000 after purchasing an additional 339 shares in the last quarter. Advisory Services Network LLC boosted its position in Synovus Financial by 9.7% in the 4th quarter. Advisory Services Network LLC now owns 3,958 shares of the bank’s stock worth $127,000 after purchasing an additional 350 shares in the last quarter. Oakworth Capital Inc. boosted its position in Synovus Financial by 10.2% in the 1st quarter. Oakworth Capital Inc. now owns 4,315 shares of the bank’s stock worth $148,000 after purchasing an additional 400 shares in the last quarter. Amalgamated Bank boosted its position in Synovus Financial by 2.1% in the 4th quarter. Amalgamated Bank now owns 23,119 shares of the bank’s stock worth $740,000 after purchasing an additional 473 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in Synovus Financial by 118.7% in the 1st quarter. Parallel Advisors LLC now owns 912 shares of the bank’s stock worth $31,000 after purchasing an additional 495 shares in the last quarter. Institutional investors and hedge funds own 82.35% of the company’s stock.
Several research firms have commented on SNV. ValuEngine upgraded Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 27th. Stephens restated a “neutral” rating on shares of Synovus Financial in a research report on Tuesday, July 16th. Raymond James lowered their price objective 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. Finally, Royal Bank of Canada began 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $44.52.
Synovus Financial (NYSE:SNV) last announced its earnings results on Tuesday, July 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.01. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The firm had revenue of $487.90 million for the quarter, compared to analyst estimates of $482.13 million. During the same quarter last year, the firm posted $0.92 EPS. The business’s revenue was up 36.2% on a year-over-year basis. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.01 earnings per share 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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