Harbor Capital Advisors Inc. Has $5.54 Million Stock Holdings in Synovus Financial Corp. $SNV

Key Points

• Harbor Capital Advisors Inc. significantly increased its holdings in Synovus Financial Corp., buying an additional 88,244 shares, bringing its total to 107,105 shares, valued at approximately $5.54 million.
• CEO Kevin S. Blair purchased 4,040 shares of Synovus stock at an average price of $49.40, increasing his position by 2.52%.
• The company declared a quarterly dividend of $0.39 per share, set to be paid on October 1st, with a current dividend yield of 3.1%.

Harbor Capital Advisors Inc. lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 467.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,105 shares of the bank's stock after purchasing an additional 88,244 shares during the quarter. Harbor Capital Advisors Inc. owned 0.08% of Synovus Financial worth $5,543,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SNV. Cetera Investment Advisers increased its stake in Synovus Financial by 27.5% during the 4th quarter. Cetera Investment Advisers now owns 6,985 shares of the bank's stock worth $358,000 after acquiring an additional 1,505 shares during the period. Nomura Holdings Inc. bought a new position in shares of Synovus Financial in the fourth quarter worth $963,000. Quantinno Capital Management LP increased its position in shares of Synovus Financial by 12.5% in the fourth quarter. Quantinno Capital Management LP now owns 55,229 shares of the bank's stock worth $2,829,000 after purchasing an additional 6,130 shares during the period. ProShare Advisors LLC increased its position in shares of Synovus Financial by 5.6% in the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock worth $340,000 after purchasing an additional 352 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in Synovus Financial in the 4th quarter valued at about $1,882,000. Institutional investors own 83.85% of the company's stock.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CEO Kevin S. Blair acquired 4,040 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average price of $49.40 per share, with a total value of $199,576.00. Following the completion of the purchase, the chief executive officer directly owned 164,378 shares in the company, valued at $8,120,273.20. This trade represents a 2.52% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Diana M. Murphy acquired 1,000 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director owned 40,171 shares of the company's stock, valued at $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SNV shares. Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $65.00 to $50.00 in a research report on Tuesday, August 12th. UBS Group downgraded Synovus Financial from a "buy" rating to a "neutral" rating and reduced their target price for the company from $63.00 to $56.00 in a report on Tuesday, September 2nd. DA Davidson raised their target price on Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Stephens reduced their target price on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $58.83.

Synovus Financial Price Performance

SNV stock traded down $1.18 during midday trading on Friday, reaching $50.93. 2,699,651 shares of the stock were exchanged, compared to its average volume of 1,675,292. The stock has a market capitalization of $7.07 billion, a PE ratio of 9.78, a P/E/G ratio of 0.87 and a beta of 1.22. 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 company has a fifty day moving average price of $50.93 and a 200 day moving average price of $48.22. 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 released its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. The company had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same period in the previous year, the business posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's payout ratio is presently 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.