Channing Capital Management LLC Sells 175,656 Shares of Synovus Financial Corp. $SNV

Key Points

• Channing Capital Management LLC reduced its stake in Synovus Financial Corp. by 8.9%, selling 175,656 shares during the first quarter, but still holds about 1.29% of the company valued at approximately $84 million.
• Synovus Financial reported a quarterly EPS of $1.48, exceeding estimates, with revenues of $592.08 million, and has projected a full-year EPS of 4.89 for 2025.
• The company recently declared a quarterly dividend of $0.39, translating to an annualized yield of 3.2%, with a payout ratio of around 29.94%.

Channing Capital Management LLC cut its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 8.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,799,195 shares of the bank's stock after selling 175,656 shares during the period. Synovus Financial makes up approximately 2.5% of Channing Capital Management LLC's investment portfolio, making the stock its 2nd largest position. Channing Capital Management LLC owned about 1.29% of Synovus Financial worth $84,094,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SNV. AQR Capital Management LLC grew its stake in Synovus Financial by 226.5% during the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock worth $54,573,000 after buying an additional 738,983 shares in the last quarter. Invesco Ltd. grew its stake 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 buying an additional 548,092 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Synovus Financial by 5,495.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after buying an additional 343,613 shares in the last quarter. Northern Trust Corp grew its stake in Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after buying an additional 337,784 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Synovus Financial during the first quarter worth about $14,294,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Down 0.2%

Shares of NYSE SNV opened at $49.4140 on Thursday. The company has a 50 day simple moving average of $51.07 and a 200 day simple moving average of $48.61. The firm has a market cap of $6.86 billion, a PE ratio of 9.48, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $61.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. The business had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter last year, the business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors 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 3.2%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is 29.94%.

Insider Buying and Selling at Synovus Financial

In other news, Director Diana M. Murphy purchased 1,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the acquisition, the director owned 40,171 shares in the company, valued at $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory G. Montana purchased 1,000 shares of the stock in a transaction on Thursday, July 31st. The shares were purchased at an average price of $46.74 per share, with a total value of $46,740.00. Following the acquisition, the director owned 4,341 shares in the company, valued at approximately $202,898.34. The trade was a 29.93% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 8,040 shares of company stock worth $392,916 in the last 90 days. Corporate insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SNV. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $65.00 to $50.00 in a research note on Tuesday, August 12th. JPMorgan Chase & Co. raised their price target on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday, July 28th. Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Truist Financial raised their price target on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Ten equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $59.94.

About Synovus Financial

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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