Whittier Trust Co. lifted its stake in Synovus Financial Corp. (NYSE:SNV) by 4.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,684 shares of the bank’s stock after purchasing an additional 2,813 shares during the period. Whittier Trust Co.’s holdings in Synovus Financial were worth $2,369,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. First Allied Advisory Services Inc. raised its position in Synovus Financial by 3.8% during the fourth quarter. First Allied Advisory Services Inc. now owns 9,169 shares of the bank’s stock worth $292,000 after acquiring an additional 339 shares during the last quarter. Advisory Services Network LLC raised its position in Synovus Financial by 9.7% during the fourth quarter. Advisory Services Network LLC now owns 3,958 shares of the bank’s stock worth $127,000 after acquiring an additional 350 shares during the last quarter. Oakworth Capital Inc. raised its position in Synovus Financial by 10.2% during the first quarter. Oakworth Capital Inc. now owns 4,315 shares of the bank’s stock worth $148,000 after acquiring an additional 400 shares during the last quarter. Amalgamated Bank raised its position in Synovus Financial by 2.1% during the fourth quarter. Amalgamated Bank now owns 23,119 shares of the bank’s stock worth $740,000 after acquiring an additional 473 shares during the last quarter. Finally, Parallel Advisors LLC raised its position in Synovus Financial by 118.7% during the first quarter. Parallel Advisors LLC now owns 912 shares of the bank’s stock worth $31,000 after acquiring an additional 495 shares during the last quarter. Hedge funds and other institutional investors own 82.35% of the company’s stock.
A number of equities analysts have issued reports on the stock. Royal Bank of Canada assumed coverage on shares of Synovus Financial in a research report on Friday, July 12th. They set an “outperform” rating and a $42.00 target price for the company. ValuEngine upgraded shares of 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. Finally, Raymond James cut their target price on shares of 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $44.52.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 16th. The bank reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.01. The business had revenue of $487.90 million during the quarter, compared to the consensus estimate of $482.13 million. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The company’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 earnings per share. Research analysts predict that Synovus Financial Corp. will post 4.01 earnings per share for the current 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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