Billionaire Ken Griffin and Citadel Investment Group Are Bullish on Synovus Financial Corp. (SNV)

Managed by Ken Griffin, Citadel Investment Group has upped its stake in Synovus Financial Corp. (NYSE:SNV). The fund revealed a 50.83 million position, which represents 5.20% of the company’s outstanding common stock. According to the most recent 13F filing with the Securities and Exchange Commission, Citadel, previously held 9.2 million shares of Synovus.

Ken Griffin CITADEL INVESTMENT GROUP

A bank holding company, Synovus Financial Corp. (NYSE:SNV) provides commercial and retail banking, financial management, insurance and other services. On April 24, the company announced a one-for-seven reverse stock split of its common stock. Kessel Stelling, Synovus Chairman and CEO, reasoned that Synovus’ management believes that this anticipated increase in the market price per share will make the company’s common stock more attractive to a broader range of investors and benefit the existing stockholders by enhancing the liquidity of the stock.

Returning $0.14 earnings per share in 2013, this year Synovus Financial Corp. (NYSE:SNV) is expected to deliver EPS of around $0.20. Twice as volatile as the market, the company’s stock trades at a P/E ratio of approximately 25.00 – nearly double the average number for the Banking Industry. On average, analysts provide a recommendation to hold Synovus’ shares, which are expected to trade at a price slightly higher than the current one.

Kevin Michael Ulrich‘s Anchorage Advisors is also a significant shareholder of Synovus Financial Corp. (NYSE:SNV), in which it holds some 30.00 million shares.

One of the largest funds in the world, Citadel Investment Group holds a $76.78 billion diversified equity portfolio. Citadel’s main funds, Kensington and Wellington, returned almost 25.00% in 2012 and 19.40% in 2013. Citadel Investment Group owns large stakes of nearly 1.60 million shares and more than 710,600 shares in Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOGL), respectively.

Ken Griffin recently revealed a positive attitude towards Burlington Stores Inc (NYSE:BURL)a U.S.  company offering fashionable branded products, increasing his fund’s stake in the company to 5.31 million shares, up from the previously held 1.51 million. Mr. Griffin also upped Citadel’s position in Athlon Energy Inc (NYSE:ATHL), now possessing 3.48 million shares currently worth around 140.00 million.

Disclosure: none.

Recommended Reading:

Ken Griffin, Citadel Increase Investment In Five Below Inc (FIVE)

Ken Griffin’s Citadel Investment Group Boosts Stake in William Lyon Homes (WLH)

Billionaire Ken Griffin Ups Stake in Arch Coal Inc (ACI) to Over 5%

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top 6 Tax Scams and How to Protect Yourself

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!