Ieq Capital LLC Purchases 44,084 Shares of Synovus Financial Corp. $SNV

Key Points

• Ieq Capital LLC increased its stake in Synovus Financial Corp. by 66.9%, acquiring 44,084 shares during the first quarter, bringing its total ownership to approximately 0.08% valued at $5.14 million.
• CEO Kevin S. Blair and CFO Andrew J. Jr. Gregory both recently purchased shares of the company, demonstrating confidence in the stock, with the CEO increasing his stake by 2.52% and the CFO by 3.56%.
• The latest earnings report showed Synovus Financial exceeding expectations with $1.48 earnings per share, and analysts maintain a consensus rating of "Moderate Buy" with a target price of approximately $59.94.

Ieq Capital LLC raised its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 66.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 109,951 shares of the bank's stock after buying an additional 44,084 shares during the period. Ieq Capital LLC owned about 0.08% of Synovus Financial worth $5,139,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SNV. Silvercrest Asset Management Group LLC increased its stake in Synovus Financial by 2.3% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after acquiring an additional 53,286 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Synovus Financial by 5.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock worth $73,748,000 after purchasing an additional 86,694 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Synovus Financial by 32.4% in the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after purchasing an additional 337,784 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Synovus Financial by 226.5% in the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock worth $54,573,000 after purchasing an additional 738,983 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of Synovus Financial by 1.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank's stock worth $41,394,000 after purchasing an additional 12,036 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Trading Down 0.1%

Shares of NYSE SNV traded down $0.08 during trading hours on Wednesday, hitting $51.27. The company's stock had a trading volume of 521,550 shares, compared to its average volume of 1,635,487. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 9.84, 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 quick ratio of 0.92 and a current ratio of 0.92. The business has a 50-day simple moving average of $51.51 and a 200-day simple moving average of $48.27.

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

Insiders Place Their Bets

In other Synovus Financial news, Director Diana M. Murphy purchased 1,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $48.80 per share, with a total value of $48,800.00. Following the completion of the purchase, the director directly owned 40,171 shares of the company's stock, valued at $1,960,344.80. The trade was a 2.55% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, the chief financial officer owned 58,220 shares of the company's stock, valued at $2,846,958. This represents a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 8,040 shares of company stock worth $392,916 in the last ninety days. Insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

SNV has been the subject of a number of research reports. UBS Group cut Synovus Financial from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $63.00 to $56.00 in a report on Tuesday. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Jefferies Financial Group assumed coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target for the company. Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Finally, Keefe, Bruyette & Woods lowered Synovus Financial from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Synovus Financial presently has an average rating of "Moderate Buy" and an average price target of $58.83.

Synovus Financial Profile

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.