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%

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

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!