Campbell & CO Investment Adviser LLC Takes $1.66 Million Position in Synovus Financial Corp. (NYSE:SNV)
Campbell & CO Investment Adviser LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 36,206 shares of the bank’s stock, valued at approximately $1,658,000. Synovus Financial accounts for approximately 1.1% of Campbell & CO Investment Adviser LLC’s portfolio, making the stock its largest position.
Other hedge funds have also made changes to their positions in the company. Signaturefd LLC raised its holdings in shares of Synovus Financial by 265.5% in the 2nd quarter. Signaturefd LLC now owns 2,054 shares of the bank’s stock worth $109,000 after purchasing an additional 1,492 shares during the period. Stratos Wealth Partners LTD. purchased a new position in shares of Synovus Financial in the 3rd quarter worth about $113,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Synovus Financial in the second quarter valued at about $128,000. Oakworth Capital Inc. grew its stake in shares of Synovus Financial by 225.2% in the third quarter. Oakworth Capital Inc. now owns 3,915 shares of the bank’s stock valued at $179,000 after buying an additional 2,711 shares in the last quarter. Finally, FineMark National Bank & Trust acquired a new stake in shares of Synovus Financial in the third quarter valued at about $203,000. 80.83% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE SNV traded up $0.12 during mid-day trading on Friday, hitting $34.90. The company had a trading volume of 3,330,499 shares, compared to its average volume of 1,757,089. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.19 and a beta of 1.16. Synovus Financial Corp. has a 12 month low of $33.91 and a 12 month high of $57.40. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.58.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Thursday, December 20th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.87%. The ex-dividend date is Wednesday, December 19th. Synovus Financial’s payout ratio is currently 39.53%.
A number of equities research analysts have recently issued reports on the company. Barclays lowered their target price on Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 24th. ValuEngine lowered Synovus Financial from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Wells Fargo & Co set a $51.00 price objective on Synovus Financial and gave the company a “hold” rating in a research note on Tuesday, October 2nd. Morgan Stanley restated a “hold” rating and set a $55.00 price objective (down previously from $56.00) on shares of Synovus Financial in a research note on Tuesday, September 18th. Finally, Stephens restated a “hold” rating and set a $54.00 price objective on shares of Synovus Financial in a research note on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. Synovus Financial has a consensus rating of “Hold” and a consensus price target of $51.17.
In other news, Director Elizabeth W. Camp acquired 3,000 shares of the company’s stock in a transaction dated Thursday, October 25th. The shares were bought at an average price of $36.97 per share, with a total value of $110,910.00. Following the purchase, the director now owns 16,718 shares of the company’s stock, valued at $618,064.46. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Kessel D. Stelling acquired 7,500 shares of the company’s stock in a transaction dated Thursday, December 6th. The stock was purchased at an average cost of $34.72 per share, for a total transaction of $260,400.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 11,250 shares of company stock worth $399,195 in the last ninety days. 1.50% of the stock is owned by company insiders.
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Synovus Financial Profile
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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
Further Reading: Average Daily Trade Volume Explained
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