American Century Companies Inc. Sells 215,399 Shares of Synovus Financial Corp. $SNV

Key Points

• American Century Companies Inc. decreased its stake in Synovus Financial Corp. by 22.1%, owning 0.54% of the company, worth approximately $35.39 million after selling 215,399 shares in Q1.
• Several large investors, including Envestnet and Raymond James, have made recent adjustments to their holdings in Synovus Financial, which is currently 83.85% owned by institutional investors and hedge funds.
• Synovus Financial reported an earnings per share of $1.48 in its last quarterly earnings, surpassing analysts’ expectations of $1.25 and achieving a revenue of $592.08 million.

American Century Companies Inc. decreased its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 22.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 757,171 shares of the bank's stock after selling 215,399 shares during the quarter. American Century Companies Inc. owned 0.54% of Synovus Financial worth $35,390,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Colonial Trust Co SC grew its holdings in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after purchasing an additional 499 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in Synovus Financial in the first quarter valued at approximately $70,000. Quent Capital LLC boosted its position in Synovus Financial by 205.6% in the first quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock valued at $84,000 after buying an additional 1,209 shares in the last quarter. UMB Bank n.a. grew its stake in shares of Synovus Financial by 142.3% during the first quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after buying an additional 1,063 shares during the last quarter. Finally, Safe Harbor Fiduciary LLC acquired a new position in shares of Synovus Financial during the fourth quarter worth $102,000. Institutional investors and hedge funds own 83.85% of the company's stock.

Insiders Place Their Bets

In related news, Director Gregory G. Montana bought 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the transaction, the director directly owned 4,341 shares of the company's stock, valued at approximately $202,898.34. The trade was a 29.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin S. Blair bought 4,040 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the purchase, the chief executive officer owned 164,378 shares of the company's stock, valued at $8,120,273.20. This 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 90 days. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SNV has been the topic of several recent research reports. Stephens cut their price objective on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Morgan Stanley lifted their price target on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Barclays reduced their price target on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Finally, Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $65.00 to $50.00 in a research report on Tuesday, August 12th. Ten investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.94.

Synovus Financial Trading Up 3.2%

SNV stock traded up $1.57 during trading on Friday, hitting $50.70. The company had a trading volume of 2,420,657 shares, compared to its average volume of 2,183,634. The business has a 50-day moving average of $51.16 and a 200-day moving average of $48.48. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The stock has a market cap of $7.04 billion, a PE ratio of 9.73, a PEG ratio of 0.86 and a beta of 1.21. 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 announced its earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating the consensus estimate of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.The business had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. During the same period in the prior year, the business posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's payout ratio is presently 29.94%.

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.