Focus Partners Advisor Solutions LLC Takes $364,000 Position in Synovus Financial Corp. $SNV

Key Points

• Focus Partners Advisor Solutions LLC has invested approximately $364,000 in Synovus Financial Corp. by acquiring 7,796 shares in the first quarter of this year.
• Synovus Financial reported earnings of $1.48 per share for the previous quarter, exceeding analyst expectations of $1.25 per share.
• The bank recently announced a quarterly dividend of $0.39 per share, which will yield a 3.0% dividend yield for investors.

Focus Partners Advisor Solutions LLC bought a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,796 shares of the bank's stock, valued at approximately $364,000.

Several other hedge funds have also modified their holdings of SNV. Invesco Ltd. boosted its stake in shares of 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 acquiring an additional 548,092 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Synovus Financial by 5,495.2% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock valued at $17,924,000 after acquiring an additional 343,613 shares during the last quarter. MetLife Investment Management LLC raised its holdings in Synovus Financial by 393.8% in the 1st quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank's stock valued at $18,437,000 after acquiring an additional 314,576 shares during the last quarter. Nuveen LLC acquired a new stake in Synovus Financial in the 1st quarter valued at about $14,294,000. Finally, GAMMA Investing LLC lifted its holdings in Synovus Financial by 6,328.4% in the first quarter. GAMMA Investing LLC now owns 250,900 shares of the bank's stock valued at $11,727,000 after acquiring an additional 246,997 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $48.90 per share, with a total value of $97,800.00. Following the transaction, the chief financial officer owned 58,220 shares in the company, valued at approximately $2,846,958. This trade represents a 3.56% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gregory G. Montana purchased 1,000 shares of Synovus Financial stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $46.74 per share, with a total value of $46,740.00. Following the completion of the transaction, the director owned 4,341 shares of the company's stock, valued at $202,898.34. The trade was 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 90 days. Company insiders own 1.00% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on SNV shares. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Truist Financial lifted their target price on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. DA Davidson lifted their target price on shares of Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a report on Friday, July 18th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 target price (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Nine 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, the company currently has an average rating of "Moderate Buy" and a consensus price target of $58.83.

Synovus Financial Stock Down 0.1%

Shares of Synovus Financial stock traded down $0.04 during trading on Friday, hitting $51.75. 1,629,006 shares of the stock were exchanged, compared to its average volume of 1,625,176. The stock has a market cap of $7.18 billion, a price-to-earnings ratio of 9.93, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22. The firm's 50-day moving average price is $51.29 and its 200 day moving average price is $48.21. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.23. The business had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same period in the previous year, the company earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders 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 payout ratio is 29.94%.

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.