AQR Capital Management LLC Has $130.55 Million Position in Synovus Financial Corp. $SNV

Key Points

• AQR Capital Management LLC significantly increased its holdings in Synovus Financial Corp. by 168.2% in Q1, owning about 2.06% of the company valued at $130.5 million.
• Synovus Financial recently reported quarterly earnings of $1.48 EPS, surpassing analysts' expectations of $1.25 EPS, and has issued a dividend of $0.39 to be paid on October 1st.
• Several brokerages have revised their ratings and price targets for Synovus Financial, with UBS Group downgrading the stock from "buy" to "neutral," while DA Davidson raised their target from $60 to $63.

AQR Capital Management LLC boosted its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 168.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,857,222 shares of the bank's stock after purchasing an additional 1,791,973 shares during the quarter. AQR Capital Management LLC owned 2.06% of Synovus Financial worth $130,546,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Colonial Trust Co SC raised its stake in Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after purchasing an additional 499 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Synovus Financial in the 1st quarter worth about $47,000. Spectrum Wealth Counsel LLC acquired a new stake in Synovus Financial in the 1st quarter worth about $70,000. Brooklyn Investment Group raised its stake in Synovus Financial by 39.1% in the 1st quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after purchasing an additional 439 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Synovus Financial by 33.3% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock worth $76,000 after purchasing an additional 406 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Trading Down 0.6%

SNV traded down $0.29 during trading on Tuesday, reaching $51.56. 320,996 shares of the company's stock were exchanged, compared to its average volume of 1,628,030. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $7.16 billion, a PE ratio of 9.90, a price-to-earnings-growth ratio of 0.86 and a beta of 1.22. The firm has a fifty day moving average price of $51.54 and a two-hundred day moving average price of $48.16.

Synovus Financial (NYSE:SNV - Get Free Report) last posted 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. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The firm had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same period in the previous year, the firm posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

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

Insider Activity

In other news, CEO Kevin S. Blair acquired 4,040 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $49.40 per share, with a total value of $199,576.00. Following the purchase, 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 purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the company's stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 58,220 shares in the company, valued at $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 purchased 8,040 shares of company stock valued at $392,916. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on SNV shares. Barclays reduced their target price on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Truist Financial boosted their price target on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. UBS Group downgraded Synovus Financial from a "buy" rating to a "neutral" rating and dropped their price target for the company from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Wells Fargo & Company restated an "equal weight" rating and issued a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Synovus Financial currently has an average rating of "Moderate Buy" and a consensus target price 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.