Fisher Asset Management LLC Grows Position in Synovus Financial Corp. $SNV

Fisher Asset Management LLC grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 40.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 231,674 shares of the bank’s stock after acquiring an additional 66,576 shares during the quarter. Fisher Asset Management LLC owned about 0.17% of Synovus Financial worth $11,989,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SNV. AQR Capital Management LLC lifted its position in Synovus Financial by 168.2% during the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock valued at $130,546,000 after purchasing an additional 1,791,973 shares during the last quarter. Norges Bank bought a new stake in shares of Synovus Financial during the 2nd quarter worth $89,347,000. Bank of New York Mellon Corp grew its position in Synovus Financial by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 1,586,599 shares of the bank’s stock worth $82,107,000 after acquiring an additional 8,759 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Synovus Financial by 1.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank’s stock valued at $41,394,000 after acquiring an additional 12,036 shares during the last quarter. Finally, Invesco Ltd. raised its position in Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock valued at $38,363,000 after purchasing an additional 548,092 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. reduced their price objective on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Royal Bank Of Canada reduced their price target on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. DA Davidson reissued a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a research note on Thursday, October 16th. Weiss Ratings cut shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Finally, Stephens reduced their target price on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Eight research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Synovus Financial Stock Performance

Shares of SNV stock opened at $49.55 on Thursday. The company has a market capitalization of $6.88 billion, a P/E ratio of 9.24, a PEG ratio of 0.86 and a beta of 1.21. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a 50 day moving average price of $46.69 and a two-hundred day moving average price of $49.16.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping the consensus estimate of $1.36 by $0.10. The company had revenue of $612.79 million for the quarter, compared to the consensus estimate of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.23 earnings per share. Analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average cost of $45.37 per share, with a total value of $45,370.00. Following the completion of the purchase, the director directly owned 5,464 shares of the company’s stock, valued at $247,901.68. This trade represents a 22.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.00% of the company’s stock.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.