Oliver Luxxe Assets LLC Takes $1.83 Million Position 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 purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 39,133 shares of the bank's stock, valued at approximately $1,829,000.

Other large investors also recently modified their holdings of the company. Tidal Investments LLC purchased a new position in Synovus Financial in the 4th quarter worth approximately $222,000. Cerity Partners LLC boosted its position in shares of Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock valued at $1,116,000 after purchasing an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Synovus Financial during the first quarter valued at approximately $251,000. First Citizens Bank & Trust Co. boosted its holdings in Synovus Financial by 32.8% in the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after acquiring an additional 5,717 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC bought a new stake in Synovus Financial during the 1st quarter valued at about $237,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Up 1.8%

Shares of Synovus Financial stock traded up $0.88 during trading on Thursday, reaching $50.91. The company's stock had a trading volume of 2,832,230 shares, compared to its average volume of 1,638,646. The company has a 50-day simple moving average of $51.35 and a two-hundred day simple moving average of $48.42. The company has a market cap of $7.07 billion, a price-to-earnings ratio of 9.77, a P/E/G ratio of 0.87 and a beta of 1.21. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06.

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

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were given a dividend of $0.39 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. Synovus Financial's payout ratio is currently 29.94%.

Analysts Set New Price Targets

Several research firms recently commented on SNV. Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Wells Fargo & Company reissued an "equal weight" rating and issued a $58.00 target price (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Morgan Stanley boosted their price objective on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Stephens reduced 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 report on Tuesday, July 29th. Finally, Truist Financial increased their target price on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Ten research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, Synovus Financial presently has a consensus rating of "Moderate Buy" and an average target price of $59.94.

Insider Activity

In other news, Director Diana M. Murphy acquired 1,000 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was bought at an average price of $48.80 per share, with a total value of $48,800.00. Following the completion of the acquisition, the director owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. This represents a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the purchase, the chief financial officer directly owned 58,220 shares in the company, valued at $2,846,958. This trade represents a 3.56% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by company insiders.

About Synovus Financial

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.