Invesco Ltd. Boosts Stock Position in Synovus Financial Corp. $SNV

Key Points

• Invesco Ltd. increased its stake in Synovus Financial Corp. by 201.0%, acquiring an additional 548,092 shares, bringing its total holdings to approximately $38.36 million.
• Insider activity indicates confidence in the company, with CEO Kevin S. Blair and Director Gregory G. Montana both purchasing shares, increasing their ownership significantly.
• Synovus Financial's stock has received mixed upgrades from various analysts, with target prices ranging from $50.00 to $70.00 and a consensus rating of "Moderate Buy."

Invesco Ltd. raised its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 201.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 820,782 shares of the bank's stock after purchasing an additional 548,092 shares during the quarter. Invesco Ltd. owned about 0.59% of Synovus Financial worth $38,363,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in SNV. Colonial Trust Co SC raised its stake in Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after purchasing an additional 499 shares during the period. Spectrum Wealth Counsel LLC bought a new stake in shares of Synovus Financial during the 1st quarter worth about $70,000. Quent Capital LLC grew its holdings in Synovus Financial by 205.6% during the first quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock valued at $84,000 after purchasing an additional 1,209 shares during the last quarter. UMB Bank n.a. raised its holdings in Synovus Financial by 142.3% in the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after acquiring an additional 1,063 shares during the period. Finally, Safe Harbor Fiduciary LLC bought a new position in shares of Synovus Financial in the fourth quarter worth about $102,000. Institutional investors own 83.85% of the company's stock.

Insider Transactions at Synovus Financial

In other news, CEO Kevin S. Blair purchased 4,040 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average price of $49.40 per share, with a total value of $199,576.00. Following the transaction, the chief executive officer directly owned 164,378 shares of the company's stock, valued at approximately $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory G. Montana acquired 1,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was acquired at an average cost of $46.74 per share, with a total value of $46,740.00. Following the completion of the acquisition, the director owned 4,341 shares in the company, valued at $202,898.34. This trade represents a 29.93% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by corporate insiders.

Synovus Financial Stock Performance

SNV traded down $0.2750 on Thursday, reaching $49.1250. The company had a trading volume of 1,310,245 shares, compared to its average volume of 1,623,888. The stock has a market cap of $6.82 billion, a P/E ratio of 9.43, a P/E/G ratio of 0.84 and a beta of 1.21. The company's fifty day moving average is $51.07 and its 200 day moving average is $48.61. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two 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, beating analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The company had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same period in the previous year, the business earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is presently 29.94%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. DA Davidson raised their price target on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Barclays lowered their target price on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Wells Fargo & Company reissued an "equal weight" rating and issued a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Finally, Jefferies Financial Group began coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.94.

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.