Acadian Asset Management LLC Buys Shares of 31,507 Synovus Financial Corp. $SNV

Key Points

• Acadian Asset Management LLC invested approximately $1.47 million in Synovus Financial Corp., acquiring 31,507 shares during the first quarter.
• Synovus Financial reported a quarterly earnings per share (EPS) of $1.48, exceeding the consensus estimate of $1.25 by $0.23, with revenue also surpassing expectations at $592.08 million.
• The company announced a quarterly dividend of $0.39, representing an annualized yield of 3.1%, payable on October 1st to shareholders of record.

Acadian Asset Management LLC purchased a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 31,507 shares of the bank's stock, valued at approximately $1,471,000.

Other hedge funds also recently modified their holdings of the company. Focus Partners Wealth lifted its position in shares of Synovus Financial by 14.0% in the first quarter. Focus Partners Wealth now owns 17,616 shares of the bank's stock worth $823,000 after buying an additional 2,169 shares during the last quarter. McIlrath & Eck LLC lifted its holdings in Synovus Financial by 370.9% during the first quarter. McIlrath & Eck LLC now owns 1,813 shares of the bank's stock worth $85,000 after acquiring an additional 1,428 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Synovus Financial in the first quarter valued at about $421,000. CTC Alternative Strategies Ltd. acquired a new position in Synovus Financial during the first quarter worth approximately $405,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Synovus Financial by 78.2% in the first quarter. Goldman Sachs Group Inc. now owns 523,479 shares of the bank's stock valued at $24,467,000 after buying an additional 229,730 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Down 2.3%

NYSE:SNV traded down $1.18 during mid-day trading on Friday, reaching $50.93. The stock had a trading volume of 2,699,651 shares, compared to its average volume of 1,675,292. 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's 50 day moving average is $50.93 and its 200 day moving average is $48.22. The stock has a market cap of $7.07 billion, a P/E ratio of 9.78, a PEG ratio of 0.87 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data 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. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The business had revenue of $592.08 million for the quarter, compared to the consensus estimate of $584.89 million. 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, sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Thursday, September 18th. Synovus Financial's dividend payout ratio is currently 29.94%.

Insider Transactions at Synovus Financial

In related news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 58,220 shares of the company's stock, valued at $2,846,958. The trade was a 3.56% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin S. Blair bought 4,040 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $49.40 per share, with a total value of $199,576.00. Following the purchase, the chief executive officer directly owned 164,378 shares of the company's stock, valued at $8,120,273.20. This trade represents a 2.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 8,040 shares of company stock valued at $392,916 over the last three months. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SNV. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating and decreased their price target for the stock from $65.00 to $50.00 in a research note on Tuesday, August 12th. DA Davidson raised their price objective on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Morgan Stanley lifted their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 target price (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $58.83.

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.