Is Synovus Financial Corp. (SNV) Right For Your Portfolio?

Due to the fact that Synovus Financial Corp. (NYSE:SNV) has witnessed declining sentiment from the smart money, we can see that there were a few funds that elected to cut their full holdings last quarter. Interestingly, Anton Schutz’s Mendon Capital Advisors dropped the largest investment of the 700 funds monitored by Insider Monkey, totaling about $9.4 million in stock. Paul Marshall and Ian Wace’s fund, Marshall Wace LLP, also dumped its stock, about $4.8 million worth. These transactions are important to note, as total hedge fund interest fell by 1 fund last quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Synovus Financial Corp. (NYSE:SNV) but similarly valued. We will take a look at The Hanover Insurance Group, Inc. (NYSE:THG), SINA Corp (NASDAQ:SINA), Medical Properties Trust, Inc. (NYSE:MPW), and Tribune Media Co (NYSE:TRCO). All of these stocks’ market caps are similar to SNV’s market cap.

As you can see these stocks had an average of 24.25 hedge funds with bullish positions and the average amount invested in these stocks was $610 million. That figure was $455 million in SNV’s case. SINA Corp (NASDAQ:SINA) is the most popular stock in this table. On the other hand The Hanover Insurance Group, Inc. (NYSE:THG) is the least popular one with only 16 bullish hedge fund positions. Synovus Financial Corp. (NYSE:SNV) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SINA might be a better candidate to consider for a long position.

Disclosure: None