Measured Wealth Private Client Group LLC Makes New $401,000 Investment in Synovus Financial Corp. (NYSE:SNV)

Key Points

• Measured Wealth Private Client Group LLC acquired 8,575 shares of Synovus Financial Corp., valued at approximately $401,000, marking a new investment in the bank during the first quarter.
• Analysts have a consensus rating of "Moderate Buy" for Synovus Financial, with an average price target of $60.78, reflecting optimism about the company's growth potential.
• The company recently announced a quarterly dividend of $0.39 per share, representing a 3.3% yield and a 29.94% dividend payout ratio.

Measured Wealth Private Client Group LLC purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 8,575 shares of the bank's stock, valued at approximately $401,000.

A number of other institutional investors also recently modified their holdings of the business. AQR Capital Management LLC boosted its position in Synovus Financial by 226.5% during the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock valued at $54,573,000 after buying an additional 738,983 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in Synovus Financial by 5,495.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock valued at $17,924,000 after buying an additional 343,613 shares during the period. Northern Trust Corp boosted its position in Synovus Financial by 32.4% during the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after buying an additional 337,784 shares during the period. Mesirow Institutional Investment Management Inc. purchased a new stake in Synovus Financial during the 4th quarter valued at $14,991,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Synovus Financial during the 4th quarter valued at $14,784,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNV has been the subject of several analyst reports. Stephens dropped their price target on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Barclays dropped their target price on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Truist Financial raised their target price on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, DA Davidson raised their target price 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. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Synovus Financial has an average rating of "Moderate Buy" and an average target price of $59.94.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CFO Andrew J. Jr. Gregory bought 2,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin S. Blair bought 4,040 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $49.40 per share, with a total value of $199,576.00. Following the completion of the transaction, the chief executive officer directly owned 164,378 shares of the company's stock, valued at $8,120,273.20. This trade represents a 2.52% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 8,040 shares of company stock valued at $392,916. 1.00% of the stock is owned by corporate insiders.

Synovus Financial Stock Up 4.0%

NYSE:SNV traded up $1.88 on Tuesday, reaching $48.96. 1,443,942 shares of the stock traded hands, compared to its average volume of 1,632,418. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 9.40, a PEG ratio of 0.81 and a beta of 1.21. 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 12 month low of $35.94 and a 12 month high of $61.06. The company's fifty day simple moving average is $50.95 and its 200 day simple moving average is $48.82.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping 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 firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. During the same period in the previous year, the business posted $1.16 earnings per share. Equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.2%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's payout ratio is 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.