Synovus Financial Corp. $SNV Shares Bought by Eventide Asset Management LLC

Key Points

• Eventide Asset Management LLC increased its stake in Synovus Financial Corp. by 23.9%, owning 196,070 shares worth approximately $9.16 million after acquiring an additional 37,791 shares.
• Wall Street analysts have given mixed ratings on Synovus Financial, with nine analysts issuing "Buy" ratings and nine maintaining "Hold" ratings, alongside a consensus target price of $58.83.
• Synovus Financial announced a quarterly dividend of $0.39 per share, translating to an annualized yield of about 3.0%, with the next payment scheduled for October 1st.

Eventide Asset Management LLC boosted its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 23.9% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 196,070 shares of the bank's stock after buying an additional 37,791 shares during the period. Eventide Asset Management LLC owned approximately 0.14% of Synovus Financial worth $9,159,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Tidal Investments LLC purchased a new position in shares of Synovus Financial in the 4th quarter valued at $222,000. Cerity Partners LLC boosted its position in Synovus Financial by 50.9% during the 1st quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock worth $1,116,000 after purchasing an additional 8,059 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in Synovus Financial in the 1st quarter valued at $251,000. First Citizens Bank & Trust Co. raised its position in Synovus Financial by 32.8% in the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock valued at $1,081,000 after purchasing an additional 5,717 shares during the period. Finally, Jackson Creek Investment Advisors LLC purchased a new position in Synovus Financial in the first quarter valued at about $237,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Synovus Financial

In other Synovus Financial news, CEO Kevin S. Blair purchased 4,040 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the transaction, the chief executive officer owned 164,378 shares in the company, valued at $8,120,273.20. This represents a 2.52% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Diana M. Murphy purchased 1,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was 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 approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by insiders.

Synovus Financial Stock Down 0.7%

Shares of SNV traded down $0.36 during midday trading on Tuesday, hitting $51.49. The company had a trading volume of 845,144 shares, compared to its average volume of 1,631,176. The stock has a market cap of $7.15 billion, a price-to-earnings ratio of 9.88, a PEG ratio of 0.86 and a beta of 1.22. The company's 50 day moving average price is $51.54 and its 200 day moving average price is $48.16. 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 52 week low of $35.94 and a 52 week high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.The firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. During the same period in the previous year, the company earned $1.16 earnings per share. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors 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 dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's dividend payout ratio is currently 29.94%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SNV shares. Truist Financial upped their target price on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Morgan Stanley increased their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. UBS Group lowered shares of Synovus Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $58.00 price target (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.