90,400 Shares in Synovus Financial Corp. $SNV Acquired by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse DE Depot ET Placement DU Quebec has acquired a new stake of 90,400 shares in Synovus Financial Corp., valued at approximately $4.225 million.
• Recent analyses have resulted in updated price targets, with DA Davidson raising its target to $63.00 and JPMorgan Chase increasing it to $60.00, indicating positive sentiment towards the stock.
• Synovus Financial has announced a quarterly dividend of $0.39, reflecting an annual yield of 3.1% and a dividend payout ratio of 29.94%.

Caisse DE Depot ET Placement DU Quebec acquired a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 90,400 shares of the bank's stock, valued at approximately $4,225,000. Caisse DE Depot ET Placement DU Quebec owned approximately 0.07% of Synovus Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of SNV. AQR Capital Management LLC grew its position in shares of Synovus Financial by 226.5% during the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock valued at $54,573,000 after acquiring an additional 738,983 shares during the period. Invesco Ltd. boosted its position in Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock worth $38,363,000 after purchasing an additional 548,092 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Synovus Financial by 5,495.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock valued at $17,924,000 after purchasing an additional 343,613 shares during the period. Northern Trust Corp increased its position in shares of Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after buying an additional 337,784 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in shares of Synovus Financial by 393.8% during the 1st quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank's stock worth $18,437,000 after buying an additional 314,576 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Synovus Financial

In related news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was acquired 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 in the company, valued at approximately $2,846,958. The trade was a 3.56% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Diana M. Murphy acquired 1,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $48.80 per share, with a total value of $48,800.00. Following the transaction, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 8,040 shares of company stock worth $392,916. 1.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SNV shares. Morgan Stanley boosted their price target 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. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Wells Fargo & Company restated 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. Raymond James Financial cut Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Finally, Stephens decreased 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. Ten investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.94.

Synovus Financial Trading Up 1.3%

Shares of Synovus Financial stock traded up $0.68 during mid-day trading on Friday, hitting $51.54. The stock had a trading volume of 2,319,127 shares, compared to its average volume of 1,811,852. The firm has a market cap of $7.15 billion, a P/E ratio of 9.89, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The firm has a 50-day moving average of $51.46 and a two-hundred day moving average of $48.28. 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 issued its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping 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 company had revenue of $592.08 million during the quarter, compared to analyst estimates 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. Sell-side analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were given a $0.39 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.0%. Synovus Financial's dividend payout ratio is presently 29.94%.

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.