Keeley Teton Advisors LLC Decreases Stake in Synovus Financial Corp. (SNV)

Keeley Teton Advisors LLC lowered its position in shares of Synovus Financial Corp. (NYSE:SNV) by 18.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 494,654 shares of the bank’s stock after selling 110,246 shares during the quarter. Synovus Financial comprises approximately 1.2% of Keeley Teton Advisors LLC’s holdings, making the stock its 25th largest holding. Keeley Teton Advisors LLC owned approximately 0.41% of Synovus Financial worth $22,784,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Balentine LLC boosted its holdings in Synovus Financial by 0.4% in the 2nd quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after acquiring an additional 12 shares during the period. TLP Group LLC purchased a new position in Synovus Financial in the 2nd quarter worth approximately $145,000. Advisory Services Network LLC boosted its holdings in Synovus Financial by 17.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after acquiring an additional 519 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Synovus Financial by 16.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock worth $182,000 after acquiring an additional 583 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Synovus Financial by 11.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock worth $204,000 after acquiring an additional 474 shares during the period. Institutional investors and hedge funds own 77.83% of the company’s stock.

Shares of Synovus Financial Corp. (SNV) traded down $0.91 on Wednesday, hitting $49.22. The company’s stock had a trading volume of 679,100 shares, compared to its average volume of 743,189. Synovus Financial Corp. has a one year low of $37.95 and a one year high of $51.09. The firm has a market cap of $5,991.28, a price-to-earnings ratio of 21.24, a price-to-earnings-growth ratio of 2.55 and a beta of 1.13. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.99 and a current ratio of 0.99.

Synovus Financial (NYSE:SNV) last announced its earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. The company had revenue of $398.01 million for the quarter, compared to analyst estimates of $331.27 million. During the same period in the prior year, the company posted $0.65 EPS. analysts anticipate that Synovus Financial Corp. will post 2.45 earnings per share for the current year.

A number of equities analysts have weighed in on SNV shares. BidaskClub cut Synovus Financial from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. Stephens set a $46.00 price target on Synovus Financial and gave the stock a “buy” rating in a report on Tuesday, August 15th. Robert W. Baird restated a “hold” rating and issued a $40.00 price target on shares of Synovus Financial in a report on Friday, August 25th. ValuEngine cut Synovus Financial from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Finally, Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $45.64.

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

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About Synovus Financial

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 (NYSE:SNV)

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