Trexquant Investment LP Buys New Position in Synovus Financial Corp. (NYSE:SNV)

Trexquant Investment LP bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 19,270 shares of the bank’s stock, valued at approximately $846,000. Several other institutional investors have also made […]

Synovus Financial logoTrexquant Investment LP bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 19,270 shares of the bank’s stock, valued at approximately $846,000.

Several other institutional investors have also made changes to their positions in SNV. Cambridge Investment Research Advisors Inc. bought a new position in shares of Synovus Financial during the second quarter valued at approximately $257,000. Commonwealth Equity Services LLC raised its position in Synovus Financial by 14.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 6,399 shares of the bank’s stock valued at $280,000 after purchasing an additional 816 shares in the last quarter. Bank of Montreal Can raised its position in Synovus Financial by 675.2% during the 2nd quarter. Bank of Montreal Can now owns 196,106 shares of the bank’s stock valued at $8,801,000 after purchasing an additional 170,809 shares in the last quarter. AlphaCrest Capital Management LLC bought a new position in shares of Synovus Financial in the 2nd quarter worth $837,000. Finally, Lazard Asset Management LLC bought a new position in shares of Synovus Financial in the 2nd quarter worth $25,000. Institutional investors own 76.95% of the company’s stock.

In related news, Chairman Kessel D. Stelling sold 9,163 shares of the business’s stock in a transaction dated Monday, November 22nd. The stock was sold at an average price of $50.00, for a total value of $458,150.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Mark G. Holladay sold 1,500 shares of the business’s stock in a transaction dated Wednesday, December 1st. The shares were sold at an average price of $46.60, for a total value of $69,900.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,163 shares of company stock valued at $3,040,050. Insiders own 1.11% of the company’s stock.

Several research analysts have recently commented on the company. Stephens boosted their price target on Synovus Financial from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 20th. Royal Bank of Canada upped their target price on Synovus Financial from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 20th. Raymond James upped their target price on Synovus Financial from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, January 21st. JPMorgan Chase & Co. raised Synovus Financial from a “neutral” rating to an “overweight” rating and upped their target price for the company from $53.00 to $56.00 in a research report on Wednesday, December 15th. Finally, Morgan Stanley upped their target price on Synovus Financial from $60.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, December 6th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Buy” and a consensus target price of $56.67.

Synovus Financial stock opened at $51.07 on Friday. Synovus Financial Corp. has a fifty-two week low of $38.42 and a fifty-two week high of $53.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.84 and a current ratio of 0.86. The company has a market cap of $7.43 billion, a PE ratio of 10.42, a PEG ratio of 2.26 and a beta of 1.53. The business’s 50-day simple moving average is $48.83 and its two-hundred day simple moving average is $45.99.

Synovus Financial (NYSE:SNV) last issued its earnings results on Thursday, January 20th. The bank reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.27. Synovus Financial had a return on equity of 16.18% and a net margin of 36.15%. During the same period in the prior year, the business earned $1.08 EPS. As a group, analysts predict that Synovus Financial Corp. will post 4.32 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, January 3rd. Shareholders of record on Thursday, December 16th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, December 15th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.58%. Synovus Financial’s payout ratio is currently 26.94%.

About Synovus Financial

Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.

Featured Articles

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

Several research analysts have recently commented on the company. Stephens boosted their price target on Synovus Financial from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 20th. Royal Bank of Canada upped their target price on Synovus Financial from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 20th. Raymond James upped their target price on Synovus Financial from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, January 21st. JPMorgan Chase & Co. raised Synovus Financial from a “neutral” rating to an “overweight” rating and upped their target price for the company from $53.00 to $56.00 in a research report on Wednesday, December 15th. Finally, Morgan Stanley upped their target price on Synovus Financial from $60.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, December 6th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Buy” and a consensus target price of $56.67.

Source: https://etfdailynews.com/news/trexquant-investment-lp-buys-new-position-in-synovus-financial-corp-nysesnv/

Like this post? Please share to your friends:
Crypto Truth