Interval Partners LP Sells 97,863 Shares of Synovus Financial Corp. $SNV

Key Points

• Interval Partners LP reduced its holdings in Synovus Financial Corp. by 30.2%, owning 225,898 shares valued at approximately $10.56 million after selling 97,863 shares during the first quarter.
• Synovus Financial recently reported strong quarterly earnings with $1.48 EPS, exceeding analysts' expectations, alongside a 21.52% net margin and revenue of $592.08 million.
• The company declared a $0.39 quarterly dividend to be paid out on October 1st, representing an annualized yield of 3.0% and a payout ratio of 29.94%.

Interval Partners LP lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 30.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,898 shares of the bank's stock after selling 97,863 shares during the quarter. Interval Partners LP owned approximately 0.16% of Synovus Financial worth $10,558,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Colonial Trust Co SC lifted its stake in Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after purchasing an additional 499 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in Synovus Financial during the first quarter worth $47,000. Spectrum Wealth Counsel LLC bought a new position in Synovus Financial during the first quarter worth $70,000. Brooklyn Investment Group lifted its stake in Synovus Financial by 39.1% during the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after purchasing an additional 439 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Synovus Financial by 33.3% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock worth $76,000 after purchasing an additional 406 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Insider Buying and Selling

In related news, Director Gregory G. Montana purchased 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average price of $46.74 per share, with a total value of $46,740.00. Following the purchase, the director owned 4,341 shares of the company's stock, valued at $202,898.34. This trade represents a 29.93% 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 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 cost of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. This represents a 2.55% increase in their position. 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 Stock Performance

Shares of SNV traded up $0.08 during trading hours on Wednesday, reaching $51.59. 1,144,864 shares of the company's stock traded hands, compared to its average volume of 1,628,216. The firm has a market capitalization of $7.16 billion, a price-to-earnings ratio of 9.90, 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. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The business's fifty day simple moving average is $51.50 and its two-hundred day simple moving average is $48.18.

Synovus Financial (NYSE:SNV - Get Free Report) last issued 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 company had revenue of $592.08 million for 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 period last year, the company earned $1.16 earnings per share. 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 year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.0%. Synovus Financial's dividend payout ratio (DPR) is currently 29.94%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SNV shares. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. 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 research note on Tuesday, July 29th. UBS Group cut Synovus Financial from a "buy" rating to a "neutral" rating and cut their target price for the company from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Finally, Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of "Moderate Buy" and an average price target of $58.83.

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.