Graham Capital Management L.P. Invests $3.63 Million in Synovus Financial Corp. $SNV

Key Points

• Graham Capital Management L.P. has acquired 77,694 shares of Synovus Financial Corp., valued at approximately $3.63 million, representing 0.06% ownership as of their latest SEC filing.
• Multiple institutional investors have increased their stakes in Synovus Financial, contributing to a total of 83.85% institutional ownership of the company's stock.
• Synovus Financial reported $1.48 earnings per share for the last quarter, exceeding analysts' estimates, and it recently declared a quarterly dividend of $0.39, with a dividend yield of 3.0%.

Graham Capital Management L.P. purchased a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 77,694 shares of the bank's stock, valued at approximately $3,631,000. Graham Capital Management L.P. owned approximately 0.06% of Synovus Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its position in shares of Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock valued at $38,363,000 after buying an additional 548,092 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in shares of Synovus Financial by 5,495.2% during the fourth 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 in the last quarter. Northern Trust Corp raised its stake in Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after buying an additional 337,784 shares in the last quarter. MetLife Investment Management LLC raised its stake in Synovus Financial by 393.8% in the first quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank's stock worth $18,437,000 after buying an additional 314,576 shares in the last quarter. Finally, Nuveen LLC bought a new position in Synovus Financial in the first quarter worth approximately $14,294,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SNV shares. DA Davidson upped their price target on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Jefferies Financial Group began coverage on shares of Synovus Financial in a report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price objective on the stock. Morgan Stanley upped their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Truist Financial upped their price target 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. Finally, Keefe, Bruyette & Woods lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating and lowered their target price for the stock from $65.00 to $50.00 in a research note on Tuesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.83.

Insider Activity at Synovus Financial

In related news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average price of $48.90 per share, with a total value of $97,800.00. Following the transaction, the chief financial officer owned 58,220 shares of the company's stock, valued at approximately $2,846,958. This trade represents a 3.56% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Diana M. Murphy purchased 1,000 shares of the firm's stock in a transaction on 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 transaction, 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 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 Trading Up 0.2%

Shares of NYSE SNV traded up $0.11 during midday trading on Wednesday, reaching $51.45. 914,255 shares of the stock were exchanged, compared to its average volume of 1,671,388. The company has a 50 day simple moving average of $51.54 and a 200 day simple moving average of $48.30. The stock has a market capitalization of $7.14 billion, a P/E ratio of 9.87, a PEG ratio of 0.87 and a beta of 1.22. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06.

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

Synovus Financial Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.0%. Synovus Financial's payout ratio is currently 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.