Top 5 4th Quarter Trades of SYNOVUS FINANCIAL CORP

Feb 07, 2023

SYNOVUS FINANCIAL CORP recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Synovus Financial Corp. is a financial services company based out of Columbus, Georgia. The company can trace its history back to a “simple act of kindness between a worker and an executive at a Columbus, Georgia textile mill.” When the worker’s dress became entangled in the factory machinery and spilled her money onto the floor, an executive offered to secure her money after she expressed that she felt that this was the safest place to keep her money. The same service would be extended to all the workers and, since 1888, the company has “remained committed to serving others, offering solutions, and building trusting relationships with team members, customers, and shareholders.” Synovus Financial Corp has grown from its humble inceptions to now have operations in five states in the Southeast including Georgia, Alabama, South Carolina, Florida, and Tennessee. The company has similarly expanded its network of operations to have over 29 locally branded divisions with 280 offices and over 400 ATMs. Synovus Financial Corp operates through four major sectors including Personal Banking, Business Banking, Corporate Banking, and Wealth Management, conducting business as the holding company for the similarly named Synovus Bank. The company currently offers a variety of services including cash management, capital market services, commercial loans, various demand and savings deposits, a variety of banking services, portfolio management, and investment advisory services, among others. Synovus Financial Corp invests most heavily in the finance sector, which alone makes up well over a third of its total asset allocations, and also invests in the information technology sector, which makes up another fifth of its allocations, consumer staples, health care, industrials, consumer discretionary, and utilities and telecommunications, among others to a lesser degree, in order of decreasing allocation. The company’s top holding in Total System Services Inc. alone makes up over 15% of its total holdings and Synovus Financial has a turnover rate of approximately 14%.

As of the latest 13F report, the guru’s equity portfolio contained 857 stocks valued at a total of $8.77Bil. The top holdings were GPN(9.32%), IWD(9.05%), and IWF(7.08%).

According to GuruFocus data, these were SYNOVUS FINANCIAL CORP’s top five trades of the quarter.

Vanguard Mega Cap Growth ETF

SYNOVUS FINANCIAL CORP reduced their investment in ARCA:MGK by 409,294 shares. The trade had a 0.88% impact on the equity portfolio. During the quarter, the stock traded for an average price of $178.73.

On 02/07/2023, Vanguard Mega Cap Growth ETF traded for a price of $195.53 per share and a market cap of $10.93Bil. The stock has returned -16.35% over the past year.