Hsbc Holdings PLC Reduces Stake in Synovus Financial Corp. $SNV

Key Points

• Hsbc Holdings PLC reduced its holdings in Synovus Financial Corp. by 66.5%, now owning 13,876 shares, worth $645,000, following the sale of 27,517 shares.
• Several institutional investors have increased their stakes in Synovus Financial, with Voya Investment Management LLC boosting theirs by 143.3% in the fourth quarter, now owning 45,435 shares valued at $2,328,000.
• Synovus Financial recently announced a quarterly dividend of $0.39, representing an annualized dividend yield of 3.0% and a payout ratio of approximately 29.94%.

Hsbc Holdings PLC reduced its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 66.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,876 shares of the bank's stock after selling 27,517 shares during the quarter. Hsbc Holdings PLC's holdings in Synovus Financial were worth $645,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SNV. Invesco Ltd. increased its stake in shares of Synovus Financial by 201.0% in the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock valued at $38,363,000 after acquiring an additional 548,092 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Synovus Financial by 5,495.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock valued at $17,924,000 after purchasing an additional 343,613 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after purchasing an additional 337,784 shares during the period. Nuveen LLC bought a new position in shares of Synovus Financial during the 1st quarter worth about $14,294,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Synovus Financial in the 4th quarter valued at about $14,784,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Up 0.2%

NYSE SNV traded up $0.11 on Wednesday, reaching $51.45. The company had a trading volume of 914,255 shares, compared to its average volume of 1,638,040. The stock has a market capitalization of $7.14 billion, a P/E ratio of 9.87, a P/E/G ratio of 0.87 and a beta of 1.22. The company's fifty day moving average is $51.51 and its 200 day moving average is $48.27. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. 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 (NYSE:SNV - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $592.08 million for 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 period in the previous year, the firm earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on SNV. JPMorgan Chase & Co. upped their price target on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Keefe, Bruyette & Woods lowered 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 report on Tuesday, August 12th. Stephens cut 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. Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Finally, Morgan Stanley upped their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $58.83.

Insider Activity

In other news, Director Diana M. Murphy bought 1,000 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price 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 represents a 2.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin S. Blair purchased 4,040 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the acquisition, the chief executive officer directly owned 164,378 shares of the company's stock, valued at $8,120,273.20. This trade represents a 2.52% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 8,040 shares of company stock worth $392,916. Corporate 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.