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

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

The 10 Largest Armies in the World: Who Should We Be Afraid Of?

Best Warren Buffett Quotes on Money You Need to Hear

The 10 Highest Suicide Rates by Profession

The 20 Most Underrated Movies of All Time

The 10 Fastest Growing Companies in America

The 10 Biggest Outlet Malls in USA

The 5 Most Popular Rap Songs of All Time

The 10 Countries that Eat the Most Meat

The10 Most Expensive Countries to Fly To

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!