D. E. Shaw & Co. Inc. Sells 47,574 Shares of Synovus Financial Corp. (SNV)

D. E. Shaw & Co. Inc. reduced its position in shares of Synovus Financial Corp. (NYSE:SNV) by 17.3% during the third quarter, Holdings Channel reports. The firm owned 226,826 shares of the company’s stock after selling 47,574 shares during the period. D. E. Shaw & Co. Inc. owned 0.19% of Synovus Financial Corp. worth $7,378,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Victory Capital Management Inc. boosted its stake in Synovus Financial Corp. by 46.9% in the third quarter. Victory Capital Management Inc. now owns 4,184,195 shares of the company’s stock valued at $136,112,000 after buying an additional 1,336,412 shares during the last quarter. RMB Capital Management LLC purchased a new stake in Synovus Financial Corp. during the third quarter valued at about $17,891,000. The Manufacturers Life Insurance Company purchased a new stake in Synovus Financial Corp. during the third quarter valued at about $17,675,000. UBS Asset Management Americas Inc. boosted its stake in Synovus Financial Corp. by 471.7% in the third quarter. UBS Asset Management Americas Inc. now owns 539,805 shares of the company’s stock valued at $17,559,000 after buying an additional 445,392 shares during the last quarter. Finally, Eagle Asset Management Inc. boosted its stake in Synovus Financial Corp. by 11.3% in the third quarter. Eagle Asset Management Inc. now owns 2,415,268 shares of the company’s stock valued at $78,568,000 after buying an additional 245,045 shares during the last quarter. Institutional investors and hedge funds own 76.97% of the company’s stock.

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

Synovus Financial Corp. (NYSE:SNV) traded up 0.38% on Friday, hitting $41.77. 558,438 shares of the stock traded hands. Synovus Financial Corp. has a 12-month low of $25.78 and a 12-month high of $42.94. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 22.10 and a beta of 1.25. The firm’s 50-day moving average price is $41.59 and its 200-day moving average price is $36.12.

Synovus Financial Corp. (NYSE:SNV) last announced its earnings results on Tuesday, January 17th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Synovus Financial Corp. had a net margin of 19.04% and a return on equity of 8.94%. The firm earned $301.70 million during the quarter, compared to the consensus estimate of $300.21 million. During the same quarter in the previous year, the company posted $0.44 EPS. On average, equities research analysts anticipate that Synovus Financial Corp. will post $2.23 EPS for the current fiscal year.

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Several research firms recently issued reports on SNV. JMP Securities began coverage on shares of Synovus Financial Corp. in a research report on Thursday, February 2nd. They set a “market perform” rating for the company. Wells Fargo & Company upgraded shares of Synovus Financial Corp. from an “underperform” rating to a “market perform” rating in a research report on Monday, January 9th. Hovde Group cut shares of Synovus Financial Corp. from an “outperform” rating to a “market perform” rating and set a $44.00 price objective for the company. in a research report on Monday, January 9th. Sanford C. Bernstein restated a “market perform” rating on shares of Synovus Financial Corp. in a research report on Wednesday, December 28th. Finally, Zacks Investment Research upgraded 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 research report on Tuesday, December 20th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $36.56.

In related news, COO Allen J. Gula sold 2,450 shares of the business’s stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $41.76, for a total value of $102,312.00. Following the completion of the transaction, the chief operating officer now owns 69,943 shares of the company’s stock, valued at approximately $2,920,819.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Synovus Financial Corp. Company Profile

Synovus Financial Corp. is a financial services 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 over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

5 Day Chart for NYSE:SNV

Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV).

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