Kodai Capital Management LP Makes New $773,000 Investment in Synovus Financial Corp. $SNV

Key Points

• Kodai Capital Management LP has invested approximately $773,000 in Synovus Financial Corp, acquiring 16,540 shares in the first quarter.
• Recent analysis shows a mixed sentiment from analysts, with various firms adjusting their price targets; JPMorgan Chase raised its target to $60.00, while Stephens lowered it to $54.00.
• Synovus Financial recently announced a quarterly dividend of $0.39 per share, resulting in an annualized yield of 3.0% and a payout ratio of 29.94%.

Kodai Capital Management LP purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 16,540 shares of the bank's stock, valued at approximately $773,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Silvercrest Asset Management Group LLC grew its stake in shares of 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 worth $121,442,000 after acquiring an additional 53,286 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Synovus Financial by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock worth $73,748,000 after acquiring an additional 86,694 shares during the last quarter. Northern Trust Corp grew its stake in shares of Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after acquiring an additional 337,784 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Synovus Financial by 226.5% in the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock worth $54,573,000 after acquiring an additional 738,983 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of Synovus Financial by 1.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank's stock worth $41,394,000 after acquiring an additional 12,036 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SNV. Truist Financial raised their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Stephens decreased their price target on shares of 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. Jefferies Financial Group initiated coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. Finally, Barclays decreased their price target on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, Synovus Financial has an average rating of "Moderate Buy" and an average target price of $58.83.

Insider Transactions at Synovus Financial

In other news, Director Gregory G. Montana acquired 1,000 shares of the company's stock in a transaction on Thursday, July 31st. The stock was purchased at an average cost of $46.74 per share, with a total value of $46,740.00. Following the acquisition, 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 Securities & Exchange Commission, which is available at this link. Also, Director Diana M. Murphy acquired 1,000 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, with a total value of $48,800.00. Following the completion of the acquisition, the director directly owned 40,171 shares in the company, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 8,040 shares of company stock valued at $392,916. 1.00% of the stock is owned by company insiders.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded up $0.11 during trading on Wednesday, reaching $51.45. The company's stock had a trading volume of 856,627 shares, compared to its average volume of 1,635,857. The stock has a 50-day moving average price of $51.51 and a two-hundred day moving average price of $48.27. 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 Corp. has a one year low of $35.94 and a one year high of $61.06. The stock has a market capitalization of $7.14 billion, a P/E ratio of 9.87, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22.

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 (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 business had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. During the same period in the previous year, the business posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

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.