State of Alaska Department of Revenue Lowers Holdings in Synovus Financial Corp. (NYSE:SNV)
State of Alaska Department of Revenue decreased its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 4.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,122 shares of the bank’s stock after selling 1,069 shares during the quarter. State of Alaska Department of Revenue’s holdings in Synovus Financial were worth $531,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in SNV. Ellevest Inc. raised its stake in Synovus Financial by 24,660.0% during the second quarter. Ellevest Inc. now owns 1,238 shares of the bank’s stock valued at $25,000 after buying an additional 1,233 shares during the last quarter. Signaturefd LLC raised its stake in Synovus Financial by 63.6% during the second quarter. Signaturefd LLC now owns 1,531 shares of the bank’s stock valued at $31,000 after buying an additional 595 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in Synovus Financial by 631.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 4,818 shares of the bank’s stock valued at $99,000 after buying an additional 4,159 shares during the last quarter. Cerebellum GP LLC purchased a new position in Synovus Financial during the second quarter valued at $124,000. Finally, First Quadrant L P CA purchased a new position in Synovus Financial during the second quarter valued at $127,000. Institutional investors and hedge funds own 79.93% of the company’s stock.
Shares of SNV opened at $23.90 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.93 and a quick ratio of 0.91. Synovus Financial Corp. has a one year low of $10.91 and a one year high of $40.32. The firm has a market capitalization of $3.52 billion, a P/E ratio of 9.30, a PEG ratio of 1.87 and a beta of 1.69. The business has a fifty day moving average of $22.32 and a 200 day moving average of $20.31.
A number of analysts have commented on the company. Royal Bank of Canada lifted their target price on Synovus Financial from $22.00 to $26.00 in a report on Thursday, October 8th. ValuEngine lowered Synovus Financial from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. Morgan Stanley reduced their target price on Synovus Financial from $29.00 to $28.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. Finally, Zacks Investment Research raised Synovus Financial from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a report on Wednesday, September 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $29.78.
About Synovus Financial
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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