Cubist Systematic Strategies LLC Has $2.95 Million Stock Holdings in Synovus Financial Corp. $SNV

Key Points

• Cubist Systematic Strategies LLC significantly reduced its holdings in Synovus Financial Corp. by selling 225,460 shares, resulting in a 78.1% decrease in ownership to 63,115 shares.
• Insider trading activity showed an increase in ownership as CFO Andrew J. Jr. Gregory acquired 2,000 shares, while Director Gregory G. Montana bought 1,000 shares, reflecting confidence in the company's prospects.
• Analysts have mixed views on Synovus Financial with nine analysts rating it a Buy and nine giving it a Hold rating, with a consensus price target of $58.83.

Cubist Systematic Strategies LLC cut its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 78.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 63,115 shares of the bank's stock after selling 225,460 shares during the period. Cubist Systematic Strategies LLC's holdings in Synovus Financial were worth $2,950,000 at the end of the most recent reporting period.

Other hedge funds 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 $222,000. Cerity Partners LLC grew its stake in shares of Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock valued at $1,116,000 after acquiring an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Synovus Financial during the first quarter valued at about $251,000. First Citizens Bank & Trust Co. increased its position in shares of Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after acquiring an additional 5,717 shares during the last quarter. Finally, Jackson Creek Investment Advisors LLC acquired a new position in shares of Synovus Financial in the first quarter worth about $237,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

SNV has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 target price (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Jefferies Financial Group began coverage on Synovus Financial in a report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. Morgan Stanley upped their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Finally, DA Davidson raised their price objective on shares of Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, Synovus Financial presently has an average rating of "Moderate Buy" and an average target price of $58.83.

Insider Activity

In other Synovus Financial news, CEO Kevin S. Blair bought 4,040 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $49.40 per share, with a total value of $199,576.00. Following the completion of the transaction, the chief executive officer directly owned 164,378 shares in the company, valued at approximately $8,120,273.20. This represents a 2.52% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Diana M. Murphy purchased 1,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the transaction, the director directly owned 40,171 shares of the company's stock, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 8,040 shares of company stock worth $392,916 in the last quarter. Insiders own 1.00% of the company's stock.

Synovus Financial Trading Up 0.8%

Shares of Synovus Financial stock traded up $0.41 on Thursday, reaching $51.79. 2,055,755 shares of the company were exchanged, compared to its average volume of 1,589,060. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 9.94, a price-to-earnings-growth ratio of 0.86 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. The stock has a fifty day moving average price of $51.36 and a 200-day moving average price of $48.20.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same quarter last year, the business posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th will be issued a dividend of $0.39 per share. The ex-dividend date is Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.0%. Synovus Financial's payout ratio is currently 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.