Channing Capital Management LLC Cuts Holdings in 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 lessened its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 8.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,799,195 shares of the bank's stock after selling 175,656 shares during the period. Synovus Financial accounts for 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 reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Tidal Investments LLC purchased a new stake in Synovus Financial during the 4th quarter worth about $222,000. Cerity Partners LLC lifted its holdings in Synovus Financial by 50.9% during the 1st quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock worth $1,116,000 after purchasing an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Synovus Financial during the 1st quarter worth about $251,000. First Citizens Bank & Trust Co. lifted its holdings in Synovus Financial by 32.8% during the 1st quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after purchasing an additional 5,717 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC purchased a new stake in Synovus Financial during the 1st quarter worth about $237,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods cut Synovus Financial from an "outperform" rating to a "market perform" rating and dropped their price objective for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. Truist Financial increased their price objective on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. DA Davidson increased their price objective on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Morgan Stanley raised their price target on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Finally, Barclays lowered 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. Ten analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.94.

Insiders Place Their Bets

In other Synovus Financial news, CEO Kevin S. Blair acquired 4,040 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the transaction, the chief executive officer owned 164,378 shares in the company, valued at $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory G. Montana acquired 1,000 shares of the business's stock in a transaction dated Thursday, July 31st. The stock was acquired at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the transaction, 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 bought a total of 8,040 shares of company stock valued at $392,916 in the last 90 days. 1.00% of the stock is owned by corporate insiders.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded up $0.79 during trading on Tuesday, hitting $51.58. 225,266 shares of the stock traded hands, compared to its average volume of 1,616,645. 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 stock has a market cap of $7.16 billion, a price-to-earnings ratio of 9.89, a PEG ratio of 0.86 and a beta of 1.21. The firm's fifty day moving average is $51.21 and its 200-day moving average is $48.38. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) 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 business had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same period last year, the company earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. Research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.0%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) 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.