Algebris UK Ltd Has $8.51 Million Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Key Points

• Algebris UK Ltd increased its stake in Synovus Financial Corp. by 63.3% during Q1, holding 196,691 shares worth approximately $8.51 million.
• Several large investors, including Janney Montgomery Scott LLC and State of Michigan Retirement System, also slightly increased their holdings in Synovus Financial during the same quarter.
• Analysts have mixed ratings on Synovus Financial, with a current average rating of "Moderate Buy" and a consensus price target of $60.33.

Algebris UK Ltd raised its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 63.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 196,691 shares of the bank's stock after purchasing an additional 76,267 shares during the quarter. Synovus Financial comprises 1.5% of Algebris UK Ltd's portfolio, making the stock its 23rd largest holding. Algebris UK Ltd owned about 0.14% of Synovus Financial worth $8,511,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. LPL Financial LLC grew its position in Synovus Financial by 5.6% in the first quarter. LPL Financial LLC now owns 35,616 shares of the bank's stock worth $1,665,000 after buying an additional 1,902 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Synovus Financial by 2.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,495 shares of the bank's stock worth $1,893,000 after buying an additional 947 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in shares of Synovus Financial during the first quarter valued at approximately $70,000. HB Wealth Management LLC raised its holdings in shares of Synovus Financial by 18.6% during the first quarter. HB Wealth Management LLC now owns 16,553 shares of the bank's stock valued at $774,000 after acquiring an additional 2,598 shares during the period. Finally, Cetera Investment Advisers raised its holdings in shares of Synovus Financial by 70.8% during the first quarter. Cetera Investment Advisers now owns 11,933 shares of the bank's stock valued at $558,000 after acquiring an additional 4,948 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Insiders Place Their Bets

In related news, CEO Kevin S. Blair acquired 4,040 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the acquisition, the chief executive officer owned 164,378 shares in the company, valued at $8,120,273.20. This trade represents a 2.52% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, the chief financial officer owned 58,220 shares in the company, valued at approximately $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 ninety days, insiders purchased 8,040 shares of company stock valued at $392,916. 1.00% of the stock is owned by company insiders.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded down $0.85 during midday trading on Friday, hitting $46.39. The company's stock had a trading volume of 2,391,076 shares, compared to its average volume of 1,611,284. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of 8.91, a PEG ratio of 0.81 and a beta of 1.19. The stock's 50 day simple moving average is $50.98 and its 200 day simple moving average is $49.27. 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 quick ratio of 0.92 and a current ratio of 0.92.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.23. The company had revenue of $592.08 million for the quarter, compared to the consensus estimate 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 last year, the business posted $1.16 earnings per share. As a group, research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is currently 29.94%.

Analyst Ratings Changes

A number of research firms have recently issued reports on SNV. Stephens cut 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. Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday. Morgan Stanley increased their price target 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. Truist Financial increased their price target on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $60.78.

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.