CTC Alternative Strategies Ltd. Invests $405,000 in Synovus Financial Corp. $SNV

Key Points

• CTC Alternative Strategies Ltd. purchased 8,660 shares of Synovus Financial Corp. valued at approximately $405,000, indicating active interest from institutional investors in the bank's stock.
• CEO Kevin S. Blair and Director Diana M. Murphy both purchased shares on the same day, reflecting a strong insider confidence, with Blair increasing his holdings by 2.52% and Murphy by 2.55%.
• Synovus Financial announced a quarterly dividend of $0.39, with a dividend yield of 3.0%, indicating a steady return for shareholders.

CTC Alternative Strategies Ltd. purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,660 shares of the bank's stock, valued at approximately $405,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC boosted its holdings in Synovus Financial by 168.2% during the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock valued at $130,546,000 after acquiring an additional 1,791,973 shares during the period. Silvercrest Asset Management Group LLC boosted its stake in shares of Synovus Financial by 2.3% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after purchasing an additional 53,286 shares during the period. Bank of New York Mellon Corp boosted its position in Synovus Financial by 5.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock valued at $73,748,000 after buying an additional 86,694 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Synovus Financial by 1.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank's stock valued at $41,394,000 after buying an additional 12,036 shares during the period. Finally, Invesco Ltd. boosted its position in Synovus Financial by 201.0% in the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock valued at $38,363,000 after buying an additional 548,092 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

SNV traded down $0.04 on Friday, reaching $51.75. The company had a trading volume of 1,347,933 shares, compared to its average volume of 1,633,949. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $61.06. The stock has a market capitalization of $7.18 billion, a PE ratio of 9.93, a P/E/G ratio of 0.86 and a beta of 1.22. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average price of $51.36 and a 200-day moving average price of $48.20.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to analysts' expectations 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 earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's dividend payout ratio is presently 29.94%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SNV shares. JPMorgan Chase & Co. lifted their target price on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Barclays decreased their price objective on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Stephens decreased their price objective on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Finally, Truist Financial lifted their price target on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $58.83.

Insider Transactions at Synovus Financial

In other Synovus Financial news, CEO Kevin S. Blair purchased 4,040 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the purchase, the chief executive officer directly owned 164,378 shares in the company, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory G. Montana acquired 1,000 shares of the stock in a transaction on Thursday, July 31st. The shares were acquired at an average cost of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the transaction, the director directly owned 4,341 shares in the company, valued at $202,898.34. The trade was a 29.93% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 8,040 shares of company stock valued at $392,916 over the last ninety days. 1.00% of the stock is owned by insiders.

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.