11,400 Shares in Synovus Financial Corp. $SNV Bought by Carlson Capital L.P.

Key Points

• Carlson Capital L.P. has acquired 11,400 shares of Synovus Financial Corp., valued at approximately $533,000, marking it as the fund's 23rd largest holding.
• Institutional investors and hedge funds collectively own about 83.85% of Synovus Financial, indicating significant confidence in the bank's stock.
• Analysts have mixed views, with some upgrading Synovus Financial to a "buy" rating while others have lowered their price targets, reflecting a moderate buy consensus among ten analysts.

Carlson Capital L.P. bought a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 11,400 shares of the bank's stock, valued at approximately $533,000. Synovus Financial comprises about 0.2% of Carlson Capital L.P.'s portfolio, making the stock its 23rd biggest holding.

Other institutional investors have also made changes to their positions in the company. Colonial Trust Co SC increased its holdings in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after acquiring an additional 499 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Synovus Financial during the 1st quarter worth approximately $47,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Synovus Financial during the 1st quarter worth approximately $70,000. Brooklyn Investment Group increased its holdings in shares of Synovus Financial by 39.1% during the 1st quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after acquiring an additional 439 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Synovus Financial by 33.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock worth $76,000 after acquiring an additional 406 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SNV shares. DA Davidson boosted their target price on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 target price (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Barclays decreased their price objective on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Stephens decreased their price objective on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Finally, Morgan Stanley upped their price objective on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Ten investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.94.

Insider Buying and Selling

In related news, Director Gregory G. Montana bought 1,000 shares of Synovus Financial stock in a transaction dated Thursday, July 31st. The shares were bought at an average cost of $46.74 per share, with a total value of $46,740.00. Following the acquisition, the director owned 4,341 shares in the company, valued at $202,898.34. This trade represents a 29.93% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Diana M. Murphy bought 1,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the acquisition, the director owned 40,171 shares in the company, valued at $1,960,344.80. This represents a 2.55% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 8,040 shares of company stock valued at $392,916. Company insiders own 1.00% of the company's stock.

Synovus Financial Stock Performance

NYSE SNV traded up $0.68 on Monday, reaching $51.54. The stock had a trading volume of 2,319,127 shares, compared to its average volume of 1,811,852. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a fifty day moving average of $51.46 and a two-hundred day moving average of $48.28. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06. The company has a market cap of $7.15 billion, a P/E ratio of 9.89, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.23. The company had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same period in the prior year, the firm posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's dividend payout ratio is 29.94%.

Synovus Financial Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.