Chicago Equity Partners LLC Decreases Stake in Synovus Financial Corp. (SNV)

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Chicago Equity Partners LLC lowered its position in shares of Synovus Financial Corp. (NYSE:SNV) by 23.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 81,255 shares of the bank’s stock after selling 25,265 shares during the period. Chicago Equity Partners LLC’s holdings in Synovus Financial were worth $2,599,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Stratos Wealth Partners LTD. acquired a new position in shares of Synovus Financial in the 3rd quarter valued at approximately $113,000. ETF Managers Group LLC raised its position in shares of Synovus Financial by 17.9% in the 4th quarter. ETF Managers Group LLC now owns 2,657 shares of the bank’s stock valued at $85,000 after purchasing an additional 404 shares in the last quarter. Oakworth Capital Inc. raised its position in shares of Synovus Financial by 225.2% in the 3rd quarter. Oakworth Capital Inc. now owns 3,915 shares of the bank’s stock valued at $179,000 after purchasing an additional 2,711 shares in the last quarter. FineMark National Bank & Trust acquired a new position in shares of Synovus Financial in the 3rd quarter valued at approximately $203,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Synovus Financial in the 3rd quarter valued at approximately $257,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

In related news, CEO Kessel D. Stelling bought 7,500 shares of the company’s stock in a transaction on Thursday, December 6th. The shares were purchased at an average cost of $34.72 per share, with a total value of $260,400.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by company insiders.

SNV stock opened at $38.08 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.56. The company has a market cap of $4.42 billion, a P/E ratio of 10.46, a PEG ratio of 1.18 and a beta of 1.23. Synovus Financial Corp. has a 12-month low of $29.93 and a 12-month high of $57.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Tuesday, January 15th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by ($0.02). The firm had revenue of $365.90 million for the quarter, compared to analyst estimates of $370.64 million. Synovus Financial had a net margin of 26.38% and a return on equity of 15.68%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 earnings per share. Sell-side analysts expect that Synovus Financial Corp. will post 3.94 earnings per share for the current year.

A number of equities analysts have issued reports on the company. Piper Jaffray Companies raised Synovus Financial from a “neutral” rating to an “overweight” rating and upped their target price for the company from $44.00 to $45.00 in a research report on Tuesday, January 22nd. Sandler O’Neill set a $45.00 target price on Synovus Financial and gave the company a “buy” rating in a research report on Wednesday, January 16th. Stephens reaffirmed a “hold” rating and issued a $40.00 target price on shares of Synovus Financial in a research report on Tuesday, January 15th. Barclays raised Synovus Financial from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $47.00 to $45.00 in a research report on Thursday, January 10th. Finally, SunTrust Banks dropped their price target on Synovus Financial to $38.00 and set a “buy” rating on the stock in a research report on Friday, January 4th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company’s stock. Synovus Financial presently has an average rating of “Buy” and a consensus target price of $46.48.

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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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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