Russell Investments Group Ltd. boosted its stake in Synovus Financial Corp. (NYSE:SNV) by 73.0% during the second quarter, Holdings Channel reports. The institutional investor owned 245,575 shares of the bank’s stock after buying an additional 103,593 shares during the period. Russell Investments Group Ltd.’s holdings in Synovus Financial Corp. were worth $10,864,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Treasurer State of Michigan boosted its position in Synovus Financial Corp. by 1.4% in the second quarter. State Treasurer State of Michigan now owns 50,405 shares of the bank’s stock valued at $2,230,000 after buying an additional 700 shares in the last quarter. First Quadrant L P CA boosted its position in Synovus Financial Corp. by 119.9% in the second quarter. First Quadrant L P CA now owns 231,574 shares of the bank’s stock valued at $10,245,000 after buying an additional 126,274 shares in the last quarter. Aperio Group LLC boosted its position in Synovus Financial Corp. by 9.8% in the second quarter. Aperio Group LLC now owns 42,478 shares of the bank’s stock valued at $1,879,000 after buying an additional 3,782 shares in the last quarter. Alpha Windward LLC boosted its position in Synovus Financial Corp. by 1,623.9% in the second quarter. Alpha Windward LLC now owns 11,395 shares of the bank’s stock valued at $504,000 after buying an additional 10,734 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in Synovus Financial Corp. by 3.2% in the second quarter. Louisiana State Employees Retirement System now owns 31,900 shares of the bank’s stock valued at $1,411,000 after buying an additional 1,000 shares in the last quarter. 77.61% of the stock is owned by hedge funds and other institutional investors.

Shares of Synovus Financial Corp. (SNV) traded up 1.73% on Monday, reaching $42.83. 169,998 shares of the company’s stock traded hands. The firm has a market capitalization of $5.20 billion, a price-to-earnings ratio of 19.45 and a beta of 1.12. The company has a 50 day moving average price of $43.87 and a 200 day moving average price of $42.35. Synovus Financial Corp. has a 52 week low of $30.87 and a 52 week high of $45.38.

Synovus Financial Corp. (NYSE:SNV) last released its earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The business had revenue of $319.80 million for the quarter, compared to the consensus estimate of $317.81 million. During the same period in the previous year, the firm earned $0.46 EPS. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, equities research analysts predict that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.

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Several research firms recently issued reports on SNV. Zacks Investment Research cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Friday, July 28th. BidaskClub cut shares of Synovus Financial Corp. from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Barclays PLC set a $48.00 target price on shares of Synovus Financial Corp. and gave the stock a “hold” rating in a research report on Wednesday, July 19th. Stephens restated a “buy” rating and set a $46.00 target price on shares of Synovus Financial Corp. in a research report on Wednesday, July 19th. Finally, Royal Bank Of Canada began coverage on shares of Synovus Financial Corp. in a research report on Monday, July 17th. They set an “outperform” rating and a $51.00 target price on the stock. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. Synovus Financial Corp. has a consensus rating of “Hold” and an average price target of $42.78.

In related news, EVP Curtis J. Perry sold 7,062 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $43.86, for a total value of $309,739.32. Following the sale, the executive vice president now directly owns 60,038 shares in the company, valued at approximately $2,633,266.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin Joseph Howard sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $43.37, for a total transaction of $303,590.00. Following the completion of the sale, the executive vice president now owns 46,490 shares in the company, valued at $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

About Synovus Financial Corp.

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

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