19,500 Shares in Synovus Financial Corp. (SNV) Acquired by Blue Sky Asset Management LLC
Blue Sky Asset Management LLC acquired a new position in Synovus Financial Corp. (NYSE:SNV) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 19,500 shares of the bank’s stock, valued at approximately $935,000.
Several other institutional investors have also modified their holdings of the business. Crossmark Global Holdings Inc. raised its position in shares of Synovus Financial by 24.5% during the 4th quarter. Crossmark Global Holdings Inc. now owns 12,002 shares of the bank’s stock valued at $575,000 after acquiring an additional 2,362 shares during the last quarter. Maltese Capital Management LLC raised its position in shares of Synovus Financial by 0.3% during the 4th quarter. Maltese Capital Management LLC now owns 405,065 shares of the bank’s stock valued at $19,419,000 after acquiring an additional 1,065 shares during the last quarter. Signature Estate & Investment Advisors LLC raised its position in shares of Synovus Financial by 7.4% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 15,884 shares of the bank’s stock valued at $761,000 after acquiring an additional 1,098 shares during the last quarter. Meeder Asset Management Inc. raised its position in shares of Synovus Financial by 64.3% during the 4th quarter. Meeder Asset Management Inc. now owns 13,744 shares of the bank’s stock valued at $659,000 after acquiring an additional 5,381 shares during the last quarter. Finally, SeaCrest Wealth Management LLC bought a new stake in shares of Synovus Financial during the 4th quarter valued at $1,292,000. Institutional investors own 78.40% of the company’s stock.
In other news, Director Philip W. Tomlinson sold 1,052 shares of the business’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $48.82, for a total value of $51,358.64. Following the completion of the transaction, the director now owns 27,139 shares of the company’s stock, valued at approximately $1,324,925.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Allen J. Gula sold 2,450 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $50.22, for a total transaction of $123,039.00. Following the completion of the transaction, the chief operating officer now directly owns 70,111 shares of the company’s stock, valued at approximately $3,520,974.42. The disclosure for this sale can be found here. Insiders sold a total of 8,502 shares of company stock valued at $425,198 in the last three months. 1.50% of the stock is owned by company insiders.
Synovus Financial Corp. (NYSE SNV) opened at $49.23 on Wednesday. Synovus Financial Corp. has a fifty-two week low of $37.95 and a fifty-two week high of $52.08. The stock has a market cap of $5,890.00, a price-to-earnings ratio of 22.69, a PEG ratio of 1.85 and a beta of 1.12. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.97 and a quick ratio of 0.97.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.05. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The company had revenue of $339.07 million during the quarter, compared to analyst estimates of $338.60 million. During the same quarter in the previous year, the business earned $0.54 EPS. The firm’s revenue was up 10.3% on a year-over-year basis. sell-side analysts expect that Synovus Financial Corp. will post 3.42 earnings per share for the current fiscal year.
Synovus Financial declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.
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Synovus Financial 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.
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