Ejf Capital Lowers stake in Synovus Financial Corp. (SNV)

Synovus Financial Corp. (SNV) : Ejf Capital reduced its stake in Synovus Financial Corp. by 30.56% during the most recent quarter end. The investment management company now holds a total of 1,250,002 shares of Synovus Financial Corp. which is valued at $39,012,562 after selling 550,000 shares in Synovus Financial Corp. , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Synovus Financial Corp. makes up approximately 3.58% of Ejf Capital’s portfolio.

Other Hedge Funds, Including , Schwab Charles Investment Management Inc boosted its stake in SNV in the latest quarter, The investment management firm added 9,715 additional shares and now holds a total of 409,934 shares of Synovus Financial Corp. which is valued at $12,794,040. Synovus Financial Corp. makes up approx 0.02% of Schwab Charles Investment Management Inc’s portfolio. Nomura Asset Management Co Ltd added SNV to its portfolio by purchasing 2,460 company shares during the most recent quarter which is valued at $76,777.Rhumbline Advisers boosted its stake in SNV in the latest quarter, The investment management firm added 2,680 additional shares and now holds a total of 200,589 shares of Synovus Financial Corp. which is valued at $6,260,383. Synovus Financial Corp. makes up approx 0.02% of Rhumbline Advisers’s portfolio.Bluemountain Capital Management boosted its stake in SNV in the latest quarter, The investment management firm added 36,043 additional shares and now holds a total of 72,009 shares of Synovus Financial Corp. which is valued at $2,247,401. Synovus Financial Corp. makes up approx 0.07% of Bluemountain Capital Management’s portfolio.New York State Common Retirement Fund reduced its stake in SNV by selling 15,776 shares or 3.72% in the most recent quarter. The Hedge Fund company now holds 408,025 shares of SNV which is valued at $12,734,460. Synovus Financial Corp. makes up approx 0.02% of New York State Common Retirement Fund’s portfolio.

Synovus Financial Corp. closed down -0.15 points or -0.45% at $32.93 with 7,63,958 shares getting traded on Thursday. Post opening the session at $33.21, the shares hit an intraday low of $32.55 and an intraday high of $33.32 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Synovus Financial Corp. reported $0.49 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 19, 2016. Analyst had a consensus of $0.47. The company had revenue of $289.30 million for the quarter, compared to analysts expectations of $288.32 million. The company’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 EPS.

Many Wall Street Analysts have commented on Synovus Financial Corp.. Synovus Financial Corp. was Downgraded by Wells Fargo to ” Underperform” on Aug 23, 2016. Company shares were Reiterated by Hovde Group on Aug 19, 2016 to “Outperform”, Firm has raised the Price Target to $ 35.50 from a previous price target of $34 .Synovus Financial Corp. was Downgraded by BofA/Merrill to ” Neutral” on Jun 29, 2016.

Synovus Financial Corp. (Synovus) is a financial services 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 28 locally branded banking divisions of its wholly owned subsidiary bank Synovus Bank and other offices in Georgia Alabama South Carolina Florida and Tennessee. Its retail banking services include accepting customary types of demand and savings deposits; mortgage installment and other retail loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; Internet-based banking services and bank credit card services including MasterCard and Visa services. The Company’s commercial banking services include cash management asset management capital markets services institutional trust services and commercial financial and real estate loans.

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