Peregrine Capital Management LLC boosted its holdings in Synovus Financial Corp. (NYSE:SNV) by 91,853.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 229,883 shares of the bank’s stock after purchasing an additional 229,633 shares during the quarter. Peregrine Capital Management LLC’s holdings in Synovus Financial were worth $4,719,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. New Mexico Educational Retirement Board grew its position in Synovus Financial by 37.4% in the 1st quarter. New Mexico Educational Retirement Board now owns 34,900 shares of the bank’s stock valued at $613,000 after purchasing an additional 9,500 shares during the period. FDx Advisors Inc. purchased a new position in Synovus Financial during the 1st quarter worth $718,000. APG Asset Management N.V. purchased a new position in Synovus Financial during the 1st quarter worth $6,989,000. Rockefeller Capital Management L.P. boosted its holdings in Synovus Financial by 338.6% during the 1st quarter. Rockefeller Capital Management L.P. now owns 10,631 shares of the bank’s stock worth $187,000 after acquiring an additional 8,207 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in Synovus Financial by 49.1% during the 4th quarter. Nuveen Asset Management LLC now owns 914,903 shares of the bank’s stock worth $35,864,000 after acquiring an additional 301,469 shares during the last quarter. 78.22% of the stock is owned by institutional investors and hedge funds.
Shares of Synovus Financial stock opened at $20.15 on Friday. Synovus Financial Corp. has a 52-week low of $10.91 and a 52-week high of $40.32. The stock’s 50-day simple moving average is $20.18 and its 200 day simple moving average is $23.77. The stock has a market capitalization of $2.97 billion, a P/E ratio of 8.57, a P/E/G ratio of 1.71 and a beta of 1.69. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.91 and a current ratio of 0.93.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.08. Synovus Financial had a return on equity of 8.51% and a net margin of 17.25%. The business had revenue of $472.80 million for the quarter, compared to analysts’ expectations of $450.30 million. During the same period in the previous year, the business posted $1.00 EPS. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts forecast that Synovus Financial Corp. will post 1.47 EPS for the current fiscal year.
A number of equities analysts have issued reports on SNV shares. Raymond James lifted their price objective on shares of Synovus Financial from $21.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Morgan Stanley lifted their price objective on shares of Synovus Financial from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. SunTrust Banks lifted their target price on Synovus Financial from $22.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Royal Bank of Canada upgraded Synovus Financial from an “underperform” rating to a “sector perform” rating and lifted their target price for the stock from $16.00 to $19.00 in a research note on Wednesday, July 22nd. Finally, ValuEngine upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $32.40.
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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