Allspring Global Investments Holdings LLC Raises Holdings in Synovus Financial Corp. $SNV

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Synovus Financial Corp. by 6.6%, now owning approximately 0.16% of the company, valued at over $12 million.
• Several other institutional investors also modified their holdings, with 83.85% of the company's stock now owned by institutional investors and hedge funds.
• The latest earnings report indicated a profit of $1.46 per share, surpassing expectations and reflecting a 9.0% year-over-year revenue growth.

Allspring Global Investments Holdings LLC lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 6.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 224,642 shares of the bank's stock after acquiring an additional 13,953 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.16% of Synovus Financial worth $12,083,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SNV. Armstrong Advisory Group Inc. acquired a new stake in shares of Synovus Financial during the second quarter worth about $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Synovus Financial during the first quarter worth about $47,000. IFP Advisors Inc lifted its holdings in shares of Synovus Financial by 650.4% during the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock worth $60,000 after purchasing an additional 917 shares during the period. Spectrum Wealth Counsel LLC acquired a new stake in shares of Synovus Financial during the first quarter worth about $70,000. Finally, Brooklyn Investment Group lifted its holdings in shares of Synovus Financial by 39.1% during the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after purchasing an additional 439 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Insiders Place Their Bets

In other Synovus Financial news, Director Diana M. Murphy bought 1,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $48.80 per share, with a total value of $48,800.00. Following the purchase, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. This represents a 2.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $48.90 per share, with a total value of $97,800.00. Following the completion of the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 8,040 shares of company stock valued at $392,916. Corporate insiders own 1.00% of the company's stock.

Synovus Financial Trading Up 2.7%

Shares of NYSE:SNV opened at $45.33 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.92 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $6.29 billion, a PE ratio of 8.46, a PEG ratio of 0.81 and a beta of 1.21. The business has a 50 day moving average of $49.59 and a two-hundred day moving average of $48.42. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.10. The business had revenue of $612.79 million during the quarter, compared to the consensus estimate of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The business's quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.23 EPS. As a group, analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial's dividend payout ratio is presently 29.10%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SNV shares. Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley lifted their target price on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. JPMorgan Chase & Co. decreased their price target on Synovus Financial from $65.00 to $58.00 and set an "overweight" rating for the company in a report on Wednesday, October 1st. Weiss Ratings downgraded Synovus Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, October 8th. Finally, DA Davidson reissued a "buy" rating and issued a $63.00 price target on shares of Synovus Financial in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $58.71.

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.

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