FNY Partners Fund LP Acquires Shares of 10,000 Synovus Financial Corp. (SNV)

FNY Partners Fund LP acquired a new stake in Synovus Financial Corp. (NYSE:SNV) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 10,000 shares of the bank’s stock, valued at approximately $410,000.

Several other hedge funds have also recently bought and sold shares of SNV. Advisory Services Network LLC purchased a new stake in Synovus Financial Corp. during the first quarter valued at $120,000. Balentine LLC raised its stake in Synovus Financial Corp. by 0.3% in the first quarter. Balentine LLC now owns 3,108 shares of the bank’s stock valued at $128,000 after buying an additional 9 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock valued at $132,000 after buying an additional 297 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Synovus Financial Corp. during the first quarter valued at $135,000. Finally, PNC Financial Services Group Inc. raised its stake in Synovus Financial Corp. by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock valued at $145,000 after buying an additional 622 shares during the last quarter. 78.39% of the stock is owned by institutional investors.

Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.31% during mid-day trading on Monday, hitting $42.14. 186,204 shares of the company were exchanged. The company’s 50-day moving average price is $42.20 and its 200-day moving average price is $41.68. The firm has a market capitalization of $5.16 billion, a P/E ratio of 20.44 and a beta of 1.13. Synovus Financial Corp. has a 12-month low of $26.90 and a 12-month high of $44.44.

Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, April 18th. The bank reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.06. The business had revenue of $311.77 million during the quarter, compared to the consensus estimate of $303.05 million. Synovus Financial Corp. had a net margin of 20.04% and a return on equity of 9.50%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.43 EPS. Equities research analysts predict that Synovus Financial Corp. will post $2.42 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend is Tuesday, June 13th. Synovus Financial Corp.’s payout ratio is 28.99%.

COPYRIGHT VIOLATION WARNING: This article was first published by Sports Perspectives and is owned by of Sports Perspectives. If you are reading this article on another publication, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The legal version of this article can be viewed at https://sportsperspectives.com/2017/06/26/fny-partners-fund-lp-acquires-shares-of-10000-synovus-financial-corp-snv.html.

Several analysts have recently weighed in on SNV shares. Evercore ISI lowered shares of Synovus Financial Corp. to a “buy” rating in a report on Friday, March 3rd. Zacks Investment Research raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Thursday, April 20th. ValuEngine raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Bank of America Corporation raised shares of Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Thursday, May 11th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $44.00 price objective (up previously from $42.00) on shares of Synovus Financial Corp. in a report on Saturday, April 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $38.81.

In related news, EVP Jeffrey Barton Singleton sold 10,500 shares of the stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $41.96, for a total value of $440,580.00. Following the completion of the transaction, the executive vice president now owns 58,781 shares of the company’s stock, valued at approximately $2,466,450.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP D Wayne Akins, Jr. sold 3,500 shares of the stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $42.96, for a total transaction of $150,360.00. Following the completion of the transaction, the executive vice president now directly owns 34,994 shares of the company’s stock, valued at approximately $1,503,342.24. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Synovus Financial Corp. Company Profile

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

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

Receive News & Ratings for Synovus Financial Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial Corp. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply