Charles Schwab Investment Management Inc. Lowers Stock Holdings in Synovus Financial Corp. $SNV

Key Points

• Charles Schwab Investment Management Inc. has significantly lowered its stake in Synovus Financial Corp. by 72.3%, reducing their ownership to 1,413,153 shares valued at approximately $66 million.
• Synovus Financial reported a strong earnings performance in its latest quarter, with an EPS of $1.48, surpassing analysts' expectations and a net margin of 21.52%.
• The firm has declared a quarterly dividend of $0.39 per share, reflecting an annualized yield of 3.2% and a payout ratio of about 29.94%.

Charles Schwab Investment Management Inc. reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 72.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,413,153 shares of the bank's stock after selling 3,696,703 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.00% of Synovus Financial worth $66,051,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Colonial Trust Co SC boosted 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 during the period. Spectrum Wealth Counsel LLC acquired a new position in shares of Synovus Financial in the first quarter valued at approximately $70,000. Quent Capital LLC raised its stake in Synovus Financial by 205.6% in the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock worth $84,000 after purchasing an additional 1,209 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Synovus Financial by 142.3% during the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after purchasing an additional 1,063 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC acquired a new position in Synovus Financial during the fourth quarter valued at approximately $102,000. 83.85% of the stock is owned by institutional investors.

Insider Activity at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost 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 of the company's stock, valued at $202,898.34. This represents a 29.93% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $48.90 per share, with a total value of $97,800.00. Following the transaction, the chief financial officer owned 58,220 shares in the company, valued at approximately $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. Insiders bought 8,040 shares of company stock valued at $392,916 over the last ninety days. Company insiders own 1.00% of the company's stock.

Synovus Financial Stock Up 0.4%

Shares of NYSE:SNV traded up $0.20 during midday trading on Tuesday, reaching $49.90. The company's stock had a trading volume of 168,059 shares, compared to its average volume of 1,622,269. The firm has a 50 day moving average of $51.06 and a 200-day moving average of $48.60. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. The firm has a market capitalization of $6.93 billion, a P/E ratio of 9.58, a PEG ratio of 0.84 and a beta of 1.21. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data 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 net margin of 21.52% and a return on equity of 16.20%. The company had revenue of $592.08 million for the quarter, compared to the consensus estimate of $584.89 million. During the same period in the prior year, the firm posted $1.16 EPS. On average, research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SNV shares. DA Davidson increased their price target on Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Royal Bank Of Canada decreased their price target on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. JPMorgan Chase & Co. raised their target price on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, Truist Financial upped their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.