Counterpoint Mutual Funds LLC Purchases New Shares in Synovus Financial Corp. $SNV

Key Points

• Counterpoint Mutual Funds LLC has recently acquired a new stake in Synovus Financial Corp., purchasing 6,221 shares valued at approximately $322,000 during the second quarter.
• Several analysts have recently revised their price targets for Synovus Financial, with Barclays lowering it from $70 to $65, while Morgan Stanley raised it from $58 to $61, reflecting mixed sentiments about the stock's outlook.
• Insider trading activity saw CFO Andrew J. Jr. Gregory and Director Diana M. Murphy acquiring shares at about $48.90 and $48.80 per share respectively, indicating confidence in the company's prospects.

Counterpoint Mutual Funds LLC purchased a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,221 shares of the bank's stock, valued at approximately $322,000.

Several other institutional investors and hedge funds have also modified their holdings of SNV. Cetera Investment Advisers grew its stake in shares of Synovus Financial by 27.5% in the fourth quarter. Cetera Investment Advisers now owns 6,985 shares of the bank's stock valued at $358,000 after acquiring an additional 1,505 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Synovus Financial by 5.6% in the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock valued at $340,000 after acquiring an additional 352 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of Synovus Financial in the fourth quarter valued at about $222,000. Two Sigma Investments LP grew its stake in shares of Synovus Financial by 44.9% in the fourth quarter. Two Sigma Investments LP now owns 52,883 shares of the bank's stock valued at $2,709,000 after acquiring an additional 16,392 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new position in shares of Synovus Financial in the fourth quarter valued at about $1,183,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on SNV shares. Barclays decreased their price target on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Morgan Stanley increased their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. 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. Truist Financial reduced their price objective on shares of Synovus Financial from $58.00 to $56.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Stephens reduced their price objective on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $58.61.

Insider Activity at Synovus Financial

In other Synovus Financial news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, the chief financial officer directly owned 58,220 shares in the company, valued at $2,846,958. This represents a 3.56% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Diana M. Murphy acquired 1,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average price of $48.80 per share, with a total value of $48,800.00. Following the acquisition, the director owned 40,171 shares in the company, valued at $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 8,040 shares of company stock worth $392,916 over the last three months. 1.00% of the stock is owned by insiders.

Synovus Financial Stock Down 0.4%

SNV stock opened at $49.61 on Thursday. The stock has a market capitalization of $6.89 billion, a P/E ratio of 9.52, a price-to-earnings-growth ratio of 0.84 and a beta of 1.22. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The firm has a 50-day moving average price of $50.72 and a 200-day moving average price of $48.27.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to analysts' expectations 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 in the prior year, the business earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.1%. Synovus Financial's dividend payout ratio is 29.94%.

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.

Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.