Instrumental Wealth LLC Takes Position in Synovus Financial Corp. $SNV

Key Points

• Instrumental Wealth LLC acquired 8,558 shares of Synovus Financial Corp. valued at approximately $450,000 in Q2, adding to the significant institutional ownership of 83.85% in the company.
• Recent insider transactions included Director Diana M. Murphy, who bought 1,000 shares at an average price of $48.80, increasing her holdings by 2.55%.
• Analysts have mixed ratings on Synovus Financial's stock, with some upgrades and downgrades resulting in a consensus rating of "Moderate Buy" and a target price of $58.61.

Instrumental Wealth LLC bought a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm bought 8,558 shares of the bank's stock, valued at approximately $450,000.

A number of other hedge funds have also bought and sold shares of the stock. Fifth Third Bancorp grew its holdings in shares of Synovus Financial by 4.9% during the second quarter. Fifth Third Bancorp now owns 4,082 shares of the bank's stock valued at $211,000 after buying an additional 189 shares during the last quarter. AM Investment Strategies LLC lifted its holdings in shares of Synovus Financial by 27.2% during the second quarter. AM Investment Strategies LLC now owns 24,112 shares of the bank's stock worth $1,247,000 after purchasing an additional 5,159 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in Synovus Financial in the second quarter valued at approximately $322,000. MFA Wealth Advisors LLC increased its holdings in Synovus Financial by 4.2% in the 2nd quarter. MFA Wealth Advisors LLC now owns 8,066 shares of the bank's stock worth $417,000 after buying an additional 326 shares during the period. Finally, Oliver Luxxe Assets LLC raised its position in Synovus Financial by 27.9% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 50,055 shares of the bank's stock worth $2,590,000 after buying an additional 10,922 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Insider Transactions at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy bought 1,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $48.80 per share, with a total value of $48,800.00. Following the purchase, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gregory G. Montana purchased 1,000 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $46.74 per share, with a total value of $46,740.00. Following the completion of the transaction, the director directly owned 4,341 shares of the company's stock, valued at approximately $202,898.34. This represents a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SNV. Truist Financial cut their price objective on shares of Synovus Financial from $58.00 to $56.00 and set a "buy" rating on the stock in a research note on Wednesday. DA Davidson lifted their price objective on Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Barclays lowered their target price on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Keefe, Bruyette & Woods downgraded Synovus Financial from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.61.

Synovus Financial Stock Up 0.8%

Shares of SNV opened at $49.94 on Friday. The firm has a market cap of $6.93 billion, a P/E ratio of 9.59, a PEG ratio of 0.83 and a beta of 1.22. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The stock's 50 day moving average is $50.51 and its two-hundred day moving average is $48.35. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77.

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

Synovus Financial Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's dividend payout ratio (DPR) is presently 29.94%.

Synovus Financial Company 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.

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