Synovus Financial Corp. $SNV Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. reduced its holdings in Synovus Financial Corp. by 15.2%, selling 32,121 shares and now owning a total of 178,951 shares valued at approximately $8.36 million.
• Multiple analysts have adjusted their price targets for Synovus Financial, with Royal Bank of Canada lowering it from $64.00 to $52.00, while DA Davidson raised it from $60.00 to $63.00.
• Insiders have shown recent buying activity, with Director Diana M. Murphy and CEO Kevin S. Blair purchasing additional shares, indicating confidence in the company's future performance.

Citigroup Inc. reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 15.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 178,951 shares of the bank's stock after selling 32,121 shares during the period. Citigroup Inc. owned approximately 0.13% of Synovus Financial worth $8,364,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Silvercrest Asset Management Group LLC boosted its position in shares of Synovus Financial by 2.3% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock worth $121,442,000 after purchasing an additional 53,286 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Synovus Financial by 4.5% during the 4th quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock worth $93,610,000 after purchasing an additional 77,876 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Synovus Financial by 5.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock worth $73,748,000 after purchasing an additional 86,694 shares in the last quarter. Northern Trust Corp boosted its position in shares of Synovus Financial by 32.4% during the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after purchasing an additional 337,784 shares in the last quarter. Finally, AQR Capital Management LLC boosted 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 worth $54,573,000 after purchasing an additional 738,983 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SNV shares. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $65.00 to $50.00 in a research report on Tuesday, August 12th. Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. DA Davidson boosted their target price on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, Truist Financial boosted 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. Ten research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.94.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded down $0.2270 on Thursday, hitting $49.1730. The company's stock had a trading volume of 44,354 shares, compared to its average volume of 1,615,752. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. 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 fifty day moving average price of $51.07 and a 200-day moving average price of $48.61. The company has a market capitalization of $6.83 billion, a P/E ratio of 9.45, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping 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 business 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 earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders 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 is 29.94%.

Insider Activity

In other news, CFO Andrew J. Jr. Gregory bought 2,000 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Diana M. Murphy bought 1,000 shares of Synovus Financial 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 completion of the acquisition, the director owned 40,171 shares in the company, valued at $1,960,344.80. This represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,040 shares of company stock valued at $392,916 in the last 90 days. Company insiders own 1.00% of the company's stock.

Synovus Financial Company 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.