Fox Run Management L.L.C. Invests $988,000 in Synovus Financial Corp. $SNV

Key Points

• Fox Run Management L.L.C. has acquired a new position in Synovus Financial Corp., purchasing 21,135 shares valued at approximately $988,000 during the first quarter of the fiscal year.
• Synovus Financial reported strong earnings, posting $1.48 EPS for the quarter, exceeding analysts' expectations of $1.25, alongside a revenue of $592.08 million.
• The company recently announced a quarterly dividend of $0.39 per share, reflecting an annualized dividend yield of 3.2% and a payout ratio of 29.94%.

Fox Run Management L.L.C. acquired a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 21,135 shares of the bank's stock, valued at approximately $988,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Tidal Investments LLC acquired a new position in Synovus Financial during the fourth quarter worth $222,000. Cerity Partners LLC raised its stake in shares of Synovus Financial by 50.9% in the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock valued at $1,116,000 after acquiring an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Synovus Financial in the first quarter valued at $251,000. First Citizens Bank & Trust Co. raised its stake in shares of 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 acquiring an additional 5,717 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC acquired a new stake in shares of Synovus Financial in the first quarter valued at $237,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on SNV shares. Stephens reduced their price objective on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Barclays decreased their price target on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Monday, July 28th. DA Davidson lifted their price target on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, July 18th. 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. Finally, Morgan Stanley lifted their price target on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Ten research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of "Moderate Buy" and an average target price of $59.94.

Synovus Financial Stock Performance

SNV stock traded down $0.1690 during trading on Wednesday, hitting $49.3610. The company had a trading volume of 372,549 shares, compared to its average volume of 1,620,533. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The firm has a 50-day moving average price of $51.06 and a 200-day moving average price of $48.61. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06. The firm has a market cap of $6.85 billion, a PE ratio of 9.47, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results 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. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.The company had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. During the same quarter in the previous year, the firm posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were given a dividend of $0.39 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 annualized dividend and a yield of 3.2%. Synovus Financial's payout ratio is presently 29.94%.

Insiders Place Their Bets

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of the company's stock in a transaction on Thursday, July 31st. The shares were bought at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the transaction, the director owned 4,341 shares of the company's stock, valued at approximately $202,898.34. This trade represents a 29.93% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the purchase, the chief financial officer directly owned 58,220 shares in the company, valued at approximately $2,846,958. This represents a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company's stock.

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.