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) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 79,707 shares of the bank's stock, valued at approximately $3,726,000. Ellsworth Advisors LLC owned 0.06% of Synovus Financial as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Tidal Investments LLC acquired a new stake in shares of Synovus Financial during the fourth quarter worth approximately $222,000. Cerity Partners LLC grew its position 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 worth $1,116,000 after buying 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 worth approximately $251,000. First Citizens Bank & Trust Co. grew 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 buying an additional 5,717 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC acquired a new stake in shares of Synovus Financial during the first quarter worth approximately $237,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SNV. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. lifted their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. UBS Group downgraded shares of Synovus Financial from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $63.00 to $56.00 in a report on Tuesday, September 2nd. Jefferies Financial Group started coverage on shares of Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price objective for the company. Finally, Barclays decreased their price objective on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Monday, July 28th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Synovus Financial presently 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 company's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $48.80 per share, with a total value of $48,800.00. Following the purchase, the director 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 acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gregory G. Montana purchased 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $46.74 per share, for a total transaction of $46,740.00. Following the purchase, the director directly owned 4,341 shares in the company, valued at $202,898.34. This represents a 29.93% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company's stock.

Synovus Financial Stock Performance

Shares of NYSE SNV traded down $0.04 during midday trading on Friday, reaching $51.75. 1,629,006 shares of the company traded hands, compared to its average volume of 1,625,176. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a 50-day moving average price of $51.29 and a 200 day moving average price of $48.18. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a market cap of $7.18 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 0.87 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $584.89 million. During the same period in the previous year, the business earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

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 of this dividend is Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.0%. Synovus Financial's dividend payout ratio (DPR) 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.