Cullen Frost Bankers Inc. purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 3,278 shares of the bank’s stock, valued at approximately $113,000.
Other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of Synovus Financial by 182.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,318,252 shares of the bank’s stock worth $60,363,000 after buying an additional 852,158 shares during the period. Norges Bank acquired a new stake in shares of Synovus Financial during the 4th quarter worth approximately $38,056,000. D. E. Shaw & Co. Inc. grew its position in shares of Synovus Financial by 13.8% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 328,890 shares of the bank’s stock worth $10,521,000 after buying an additional 39,879 shares during the period. Crestline Management LP acquired a new stake in shares of Synovus Financial during the 4th quarter worth approximately $2,112,000. Finally, Bank of Montreal Can grew its position in shares of Synovus Financial by 611.3% during the 4th quarter. Bank of Montreal Can now owns 87,811 shares of the bank’s stock worth $2,809,000 after buying an additional 75,466 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.
NYSE SNV opened at $37.15 on Tuesday. Synovus Financial Corp. has a 12-month low of $29.93 and a 12-month high of $57.40. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market capitalization of $5.97 billion, a P/E ratio of 10.21, a price-to-earnings-growth ratio of 1.17 and a beta of 1.25.
Several analysts have recently commented on the stock. Raymond James raised shares of Synovus Financial from an “outperform” rating to a “strong-buy” rating and set a $44.00 price objective for the company in a research report on Thursday, April 4th. Bank of America reaffirmed a “buy” rating and set a $48.00 price objective (up previously from $40.00) on shares of Synovus Financial in a research report on Tuesday, March 12th. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b-” rating in a research report on Thursday, February 28th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $49.00 price objective on shares of Synovus Financial in a research report on Sunday, February 24th. Finally, Piper Jaffray Companies raised shares of Synovus Financial from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $44.00 to $45.00 in a research report on Tuesday, January 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $45.13.
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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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