Rockefeller Capital Management L.P. Grows Position in Synovus Financial Corp. $SNV

Rockefeller Capital Management L.P. raised its holdings in Synovus Financial Corp. (NYSE:SNV) by 14.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 15,105 shares of the bank’s stock after acquiring an additional 1,875 shares during the period. Rockefeller Capital Management L.P.’s holdings in Synovus Financial were worth $782,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. AQR Capital Management LLC raised its position in shares of Synovus Financial by 168.2% in the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock worth $130,546,000 after buying an additional 1,791,973 shares during the period. Invesco Ltd. increased its stake in Synovus Financial by 201.0% during the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock worth $38,363,000 after buying an additional 548,092 shares during the period. Millennium Management LLC lifted its holdings in Synovus Financial by 125.5% in the 1st quarter. Millennium Management LLC now owns 646,098 shares of the bank’s stock worth $30,199,000 after buying an additional 359,568 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Synovus Financial by 393.8% in the 1st quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank’s stock worth $18,437,000 after buying an additional 314,576 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Synovus Financial in the 1st quarter valued at about $14,294,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Ratings Changes

SNV has been the subject of several research analyst reports. Royal Bank Of Canada reduced their target price on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Stephens cut their price target on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. DA Davidson reissued a “buy” rating and set a $63.00 price objective on shares of Synovus Financial in a report on Thursday, October 16th. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $65.00 to $50.00 in a research report on Tuesday, August 12th. Finally, UBS Group cut their target price on shares of Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $48.42 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The firm’s 50 day moving average is $46.86 and its two-hundred day moving average is $49.18. The firm has a market capitalization of $6.72 billion, a P/E ratio of 9.03, a PEG ratio of 0.77 and a beta of 1.28. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.10. The business had revenue of $612.79 million for the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.23 earnings per share. Analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were given a $0.39 dividend. The ex-dividend date was Thursday, September 18th. This represents a $1.56 annualized dividend and a yield of 3.2%. Synovus Financial’s payout ratio is 29.10%.

Insider Activity

In related news, Director Gregory G. Montana bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the acquisition, the director directly owned 5,464 shares of the company’s stock, valued at $247,901.68. The trade was a 22.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.00% of the company’s stock.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.