Dynamic Technology Lab Private Ltd Acquires New Shares 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 bought a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 14,294 shares of the bank's stock, valued at approximately $668,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Teza Capital Management LLC lifted its stake in shares of Synovus Financial by 13.1% in the 1st quarter. Teza Capital Management LLC now owns 8,187 shares of the bank's stock valued at $383,000 after acquiring an additional 946 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Synovus Financial by 125.5% in the 1st quarter. Millennium Management LLC now owns 646,098 shares of the bank's stock valued at $30,199,000 after acquiring an additional 359,568 shares during the last quarter. Hancock Whitney Corp lifted its stake in shares of Synovus Financial by 2.6% in the 1st quarter. Hancock Whitney Corp now owns 85,828 shares of the bank's stock valued at $4,012,000 after acquiring an additional 2,165 shares during the last quarter. EJF Capital LLC lifted its stake in shares of Synovus Financial by 18.8% in the 1st quarter. EJF Capital LLC now owns 18,392 shares of the bank's stock valued at $860,000 after acquiring an additional 2,917 shares during the last quarter. Finally, Eventide Asset Management LLC lifted its stake in shares of Synovus Financial by 23.9% in the 1st quarter. Eventide Asset Management LLC now owns 196,070 shares of the bank's stock valued at $9,159,000 after acquiring an additional 37,791 shares during the last quarter. Institutional investors own 83.85% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on SNV. Raymond James Financial lowered Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods lowered Synovus Financial from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $65.00 to $50.00 in a research report on Tuesday, August 12th. JPMorgan Chase & Co. upped their price target on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. UBS Group lowered Synovus Financial from a "buy" rating to a "neutral" rating and lowered their price target for the company from $63.00 to $56.00 in a research report on Tuesday, September 2nd. Finally, Truist Financial upped their price target on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $58.83.

Insider Buying and Selling

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

Synovus Financial Stock Down 0.1%

Shares of SNV stock traded down $0.04 during midday trading on Friday, reaching $51.75. 1,629,006 shares of the stock were exchanged, compared to its average volume of 1,625,176. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $61.06. The company's 50 day moving average is $51.29 and its two-hundred day moving average is $48.21. 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 firm has a market cap of $7.18 billion, a PE ratio of 9.93, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its 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 the consensus estimate 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 business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, equities research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be paid a $0.39 dividend. The ex-dividend date is Thursday, September 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. Synovus Financial's dividend payout ratio is presently 29.94%.

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.