Ellsworth Advisors LLC Buys Shares of 79,707 Synovus Financial Corp. $SNV

Key Points

• Ellsworth Advisors LLC has acquired a new investment in Synovus Financial Corp., purchasing 79,707 shares valued at approximately $3.7 million.
• Synovus Financial has reported earnings of $1.48 EPS, exceeding estimates, with a revenue of $592.08 million for the most recent quarter.
• The company declared a quarterly dividend of $0.39 per share, representing a 3.0% dividend yield, to be paid on October 1st.

Ellsworth Advisors LLC acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 79,707 shares of the bank's stock, valued at approximately $3,726,000. Ellsworth Advisors LLC owned approximately 0.06% of Synovus Financial as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC increased its stake in Synovus Financial by 168.2% during the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock valued at $130,546,000 after purchasing an additional 1,791,973 shares in the last quarter. Silvercrest Asset Management Group LLC increased its position in shares of Synovus Financial by 2.3% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock worth $121,442,000 after acquiring an additional 53,286 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Synovus Financial by 5.8% during the first quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock worth $73,748,000 after acquiring an additional 86,694 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Synovus Financial by 1.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank's stock worth $41,394,000 after acquiring an additional 12,036 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Synovus Financial by 201.0% during the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock worth $38,363,000 after purchasing an additional 548,092 shares in the last quarter. Institutional investors own 83.85% of the company's stock.

Insider Transactions at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy acquired 1,000 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were acquired at an average cost of $48.80 per share, with a total value of $48,800.00. Following the completion of the acquisition, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory G. Montana bought 1,000 shares of the business's stock in a transaction on Thursday, July 31st. The shares were acquired at an average price of $46.74 per share, with a total value of $46,740.00. Following the transaction, the director directly owned 4,341 shares of the company's stock, valued at approximately $202,898.34. This trade represents a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 8,040 shares of company stock valued at $392,916 in the last three months. 1.00% of the stock is currently owned by company insiders.

Synovus Financial Stock Performance

SNV traded down $0.48 during trading on Tuesday, hitting $50.16. 827,232 shares of the company traded hands, compared to its average volume of 1,634,012. The firm has a market cap of $6.96 billion, a P/E ratio of 9.60, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22. The stock's fifty day moving average is $51.21 and its 200 day moving average is $48.15. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The firm had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same period in the prior year, the firm earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Synovus Financial Corp. will post 4.89 EPS 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 issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's dividend payout ratio is 29.94%.

Analyst Ratings Changes

A number of brokerages have commented on SNV. Morgan Stanley boosted their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Stephens decreased their price target on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. UBS Group lowered shares of Synovus Financial from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Finally, Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $58.83.

About Synovus Financial

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.