Dynamic Technology Lab Private Ltd Makes New Investment in Synovus Financial Corp. $SNV

Key Points

• Dynamic Technology Lab Private Ltd has made a new investment of $668,000 in Synovus Financial Corp., acquiring 14,294 shares in the first quarter.
• In recent transactions, insiders also increased their holdings, with Director Gregory G. Montana purchasing 1,000 shares valued at approximately $46,740.
• Synovus Financial reported a quarterly EPS of $1.48, exceeding analysts' expectations of $1.25, and is set to pay a $0.39 quarterly dividend to shareholders on October 1st.

Dynamic Technology Lab Private Ltd acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 14,294 shares of the bank's stock, valued at approximately $668,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SNV. AQR Capital Management LLC boosted its position in shares of Synovus Financial by 168.2% during the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock worth $130,546,000 after buying an additional 1,791,973 shares during the period. Invesco Ltd. boosted its position in shares of Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock worth $38,363,000 after buying an additional 548,092 shares during the period. Millennium Management LLC boosted its position in shares of Synovus Financial by 125.5% during the first quarter. Millennium Management LLC now owns 646,098 shares of the bank's stock worth $30,199,000 after buying an additional 359,568 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Synovus Financial by 5,495.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after buying an additional 343,613 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in Synovus Financial by 393.8% during the first quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank's stock worth $18,437,000 after purchasing an additional 314,576 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Diana M. Murphy acquired 1,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the transaction, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin S. Blair acquired 4,040 shares of the stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the transaction, the chief executive officer owned 164,378 shares in the company, valued at approximately $8,120,273.20. This represents a 2.52% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by company insiders.

Synovus Financial Price Performance

Shares of NYSE SNV traded down $0.47 during trading on Monday, hitting $51.26. The company had a trading volume of 540,903 shares, compared to its average volume of 1,630,760. The company has a market cap of $7.11 billion, a P/E ratio of 9.86, a PEG ratio of 0.87 and a beta of 1.22. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The business's 50-day moving average is $51.29 and its 200 day moving average is $48.16. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92.

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, beating the consensus estimate of $1.25 by $0.23. The company 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 in the prior year, the company earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Equities research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th will be 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 is Thursday, September 18th. Synovus Financial's payout ratio is presently 29.94%.

Wall Street Analyst Weigh In

Several brokerages recently commented on SNV. Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 target price (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Truist Financial boosted their target price on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Barclays dropped their target price on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Keefe, Bruyette & Woods cut Synovus Financial from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. Finally, Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Synovus Financial presently has an average rating of "Moderate Buy" and a consensus price target of $58.83.

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.