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

Several other hedge funds and other institutional investors have also bought and sold shares of SNV. AQR Capital Management LLC lifted its stake in Synovus Financial by 168.2% in the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock valued at $130,546,000 after buying an additional 1,791,973 shares in the last quarter. Invesco Ltd. lifted its stake in Synovus Financial by 201.0% in the first 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 in the last quarter. Millennium Management LLC lifted its stake in Synovus Financial by 125.5% in the first quarter. Millennium Management LLC now owns 646,098 shares of the bank's stock valued at $30,199,000 after buying an additional 359,568 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Synovus Financial by 5,495.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock valued at $17,924,000 after buying an additional 343,613 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its stake in Synovus Financial by 393.8% in the first quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank's stock valued at $18,437,000 after buying an additional 314,576 shares in the last quarter. Institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Down 0.1%

Shares of NYSE SNV traded down $0.04 during midday trading on Friday, reaching $51.75. The company's stock had a trading volume of 1,629,006 shares, compared to its average volume of 1,625,176. The stock has a market capitalization of $7.18 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 0.87 and a beta of 1.22. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The stock has a 50 day simple moving average of $51.29 and a 200-day simple moving average of $48.18. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77.

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

Synovus Financial Announces Dividend

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

Insider Activity

In other news, CEO Kevin S. Blair bought 4,040 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were 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 in the company, valued at approximately $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gregory G. Montana bought 1,000 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the acquisition, the director owned 4,341 shares of the company's stock, 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 have acquired a total of 8,040 shares of company stock valued at $392,916 in the last ninety days. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SNV shares. UBS Group lowered shares of Synovus Financial from a "buy" rating to a "neutral" rating and cut their price target for the company from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Stephens lowered their price objective 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. Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating and lowered their price objective for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.83.

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.