Whittier Trust Co. of Nevada Inc. boosted its position in Synovus Financial Corp. (NYSE:SNV) by 13.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,543 shares of the bank’s stock after purchasing an additional 1,383 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Synovus Financial were worth $404,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Investors Research Corp acquired a new stake in Synovus Financial in the first quarter worth approximately $30,000. Parallel Advisors LLC lifted its position in Synovus Financial by 118.7% in the first quarter. Parallel Advisors LLC now owns 912 shares of the bank’s stock worth $31,000 after purchasing an additional 495 shares during the period. Parkside Financial Bank & Trust lifted its position in Synovus Financial by 262.3% in the first quarter. Parkside Financial Bank & Trust now owns 1,000 shares of the bank’s stock worth $34,000 after purchasing an additional 724 shares during the period. Bartlett & Co. LLC acquired a new stake in Synovus Financial in the first quarter worth approximately $43,000. Finally, Manchester Capital Management LLC acquired a new stake in Synovus Financial in the first quarter worth approximately $50,000. Hedge funds and other institutional investors own 82.35% of the company’s stock.
A number of research firms have weighed in on SNV. Stephens restated a “neutral” rating on shares of Synovus Financial in a research report on Tuesday, July 16th. Raymond James cut their target price on Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a research report on Tuesday, June 18th. Royal Bank of Canada began coverage on Synovus Financial in a research report on Friday, July 12th. They issued an “outperform” rating and a $42.00 target price for the company. Finally, ValuEngine upgraded Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $44.52.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 16th. The bank reported $1.00 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 company had revenue of $487.90 million during the quarter, compared to the consensus estimate of $482.13 million. During the same quarter in the prior year, the firm earned $0.92 EPS. The company’s quarterly revenue was up 36.2% compared to the same quarter last year. As a group, research analysts forecast that Synovus Financial Corp. will post 4.01 earnings per share for the current fiscal year.
About Synovus Financial
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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