Oliver Luxxe Assets LLC Makes New Investment in Synovus Financial Corp. $SNV

Key Points

• Oliver Luxxe Assets LLC purchased 39,133 shares of Synovus Financial Corp. for approximately $1,829,000 during the first quarter.
• Several hedge funds showed increased interest in Synovus Financial, with 83.85% of stock currently owned by institutional investors and hedge funds.
• Wall Street analysts have expressed mixed opinions on Synovus Financial, with the average target price set at $59.94 and ratings varying from "Buy" to "Hold."

Oliver Luxxe Assets LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 39,133 shares of the bank's stock, valued at approximately $1,829,000.

Other hedge funds have also modified their holdings of the company. Colonial Trust Co SC grew its stake in shares of Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after purchasing an additional 499 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Synovus Financial during the first quarter worth $47,000. Spectrum Wealth Counsel LLC bought a new position in shares of Synovus Financial during the first quarter worth $70,000. Brooklyn Investment Group boosted its position in shares of Synovus Financial by 39.1% during the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after purchasing an additional 439 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Synovus Financial by 33.3% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock valued at $76,000 after acquiring an additional 406 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Trading Up 1.0%

Shares of SNV traded up $0.52 during trading hours on Friday, hitting $51.38. 667,567 shares of the stock were exchanged, compared to its average volume of 1,632,494. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. 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 business has a 50-day moving average of $51.41 and a 200-day moving average of $48.39. The firm has a market capitalization of $7.13 billion, a P/E ratio of 9.86, a price-to-earnings-growth ratio of 0.85 and a beta of 1.21.

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

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is presently 29.94%.

Insider Activity at Synovus Financial

In related news, CEO Kevin S. Blair purchased 4,040 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The stock was acquired at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the acquisition, the chief executive officer owned 164,378 shares of the company's stock, valued at $8,120,273.20. This trade represents a 2.52% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Diana M. Murphy acquired 1,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the purchase, the director directly owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. This represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 8,040 shares of company stock valued at $392,916. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Truist Financial boosted their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Stephens decreased their price target on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Morgan Stanley increased their target price on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Ten equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $59.94.

Synovus Financial Company 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.