State Treasurer State of Michigan lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 9.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,705 shares of the bank’s stock after selling 4,700 shares during the quarter. State Treasurer State of Michigan’s holdings in Synovus Financial Corp. were worth $2,105,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in SNV. AJO LP grew its position in shares of Synovus Financial Corp. by 291.0% during the second quarter. AJO LP now owns 1,089,237 shares of the bank’s stock worth $48,188,000 after acquiring an additional 810,692 shares during the last quarter. Bank of Nova Scotia purchased a new position in shares of Synovus Financial Corp. during the second quarter worth approximately $17,745,000. Thrivent Financial For Lutherans grew its position in shares of Synovus Financial Corp. by 46.0% during the second quarter. Thrivent Financial For Lutherans now owns 1,214,532 shares of the bank’s stock worth $53,731,000 after acquiring an additional 382,852 shares during the last quarter. BlackRock Inc. grew its position in shares of Synovus Financial Corp. by 3.6% during the second quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock worth $469,257,000 after acquiring an additional 370,743 shares during the last quarter. Finally, Koch Industries Inc. purchased a new position in shares of Synovus Financial Corp. during the second quarter worth approximately $283,000. 79.14% of the stock is currently owned by institutional investors.

A number of equities analysts have recently issued reports on the stock. Jefferies Group LLC restated a “hold” rating and set a $50.00 target price on shares of Synovus Financial Corp. in a research report on Thursday, October 12th. SunTrust Banks, Inc. restated a “buy” rating and set a $51.00 target price on shares of Synovus Financial Corp. in a research report on Thursday, October 12th. Zacks Investment Research upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Wednesday. Robert W. Baird restated a “hold” rating and set a $43.00 target price on shares of Synovus Financial Corp. in a research report on Friday, October 20th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $48.00 target price on shares of Synovus Financial Corp. in a research report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $45.36.

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Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.01. The firm had revenue of $398.01 million during the quarter, compared to the consensus estimate of $331.27 million. Synovus Financial Corp. had a return on equity of 10.44% and a net margin of 21.39%. During the same period in the prior year, the business earned $0.65 EPS.

In related news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the company’s stock in a transaction on Thursday, October 19th. The stock was sold at an average price of $46.29, for a total transaction of $462,900.00. Following the completion of the transaction, the executive vice president now directly owns 43,488 shares in the company, valued at approximately $2,013,059.52. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Allen J. Gula sold 2,125 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $47.11, for a total value of $100,108.75. Following the transaction, the chief operating officer now owns 72,561 shares of the company’s stock, valued at $3,418,348.71. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Synovus Financial Corp. 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.

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

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