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%

Dividend Stock Alert - Billionaire Robbins' Top Dividend Idea With 70% Upside Potential

Get Paid 3.5% Per Year While Waiting For The Stock Appreciate 70%

Larry Robbins' Glenview Capital Opportunity Fund returned 101.7% in 2013 and Robbins personally made $750 million. The same fund returned 25.3% in 2014. In this FREE REPORT we will share Robbins' top dividend idea that yields 3.5% and has been increasing its dividends for 39 consecutive years. Robbins thinks the stock has the potential to appreciate 70%.

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Click here to Read Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 74 percentage points in 2.5 years. Our beta is only 1.2 (download a FREE newsletter and see the details inside)

Lists

Best Selling Magazines in the World

Shortest People in History

The Most Celebrated Holidays in the World

Most Expensive Handbag Brands in the World

Top Selling Comic Book Issues of this Century

The Most Powerful Women in Politics

Best Paid DJs

Most Rebellious Female Artists

Best Paid TV Actresses of 2014

Best Paid Actors of 2014

Most Expensive Horses in the World

Tallest People Ever

Most Encouraging Feminist Celebrities

Best Paid Supermodels of 2014

Top 10 Suburbs for Retirement in 2015

10 Wealthiest Cities in America

Top 10 TED Talks for Entrepreneurs

Best TED Talks on Education

25 Most Dangerous Places to Live in America

Top 10 Ski Resorts in the United States – 2014 List

Top 10 Most Remote Places in the World

Most Visited Museums in the United States

Wealthiest Photographers in the World

Most Famous Gay Athletes

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

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 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!