Synovus Financial Corp. (NYSE:SNV) Stock Holdings Lessened by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management Inc. has reduced its stake in Synovus Financial Corp. by 37.8%, leaving them with 20,171 shares valued at approximately $943,000.
• Several hedge funds, including Norges Bank and AQR Capital Management, have significantly increased their holdings in Synovus Financial, demonstrating strong institutional investor interest.
• Recent analyst ratings for Synovus Financial show a mixed outlook, with price targets ranging from $52.00 to $60.00, indicating a generally positive but cautious sentiment among analysts.

Meeder Asset Management Inc. lowered its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 37.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,171 shares of the bank's stock after selling 12,259 shares during the quarter. Meeder Asset Management Inc.'s holdings in Synovus Financial were worth $943,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNV. LPL Financial LLC lifted its stake in shares of Synovus Financial by 5.6% during the first quarter. LPL Financial LLC now owns 35,616 shares of the bank's stock worth $1,665,000 after purchasing an additional 1,902 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Synovus Financial by 2.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,495 shares of the bank's stock worth $1,893,000 after purchasing an additional 947 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Synovus Financial during the first quarter worth about $70,000. HB Wealth Management LLC lifted its stake in shares of Synovus Financial by 18.6% during the first quarter. HB Wealth Management LLC now owns 16,553 shares of the bank's stock worth $774,000 after purchasing an additional 2,598 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of Synovus Financial by 70.8% during the first quarter. Cetera Investment Advisers now owns 11,933 shares of the bank's stock worth $558,000 after purchasing an additional 4,948 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on SNV. Jefferies Financial Group assumed coverage on Synovus Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $55.00 price objective on the stock. Stephens dropped their target price on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Morgan Stanley lifted their target price on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Royal Bank Of Canada dropped their target price on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods raised Synovus Financial from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $58.00 to $65.00 in a research report on Friday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Synovus Financial currently has a consensus rating of "Moderate Buy" and an average price target of $60.78.

Synovus Financial Stock Performance

SNV stock traded down $0.69 during midday trading on Friday, reaching $46.55. The company had a trading volume of 3,396,359 shares, compared to its average volume of 3,087,829. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a 50 day moving average price of $50.97 and a 200 day moving average price of $49.18. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The firm has a market capitalization of $6.47 billion, a PE ratio of 8.93, a P/E/G ratio of 0.79 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its 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 during the quarter, compared to the consensus estimate 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 in the previous year, the firm posted $1.16 earnings per share. Analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were given a dividend of $0.39 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.4%. Synovus Financial's payout ratio is currently 29.94%.

Insiders Place Their Bets

In other news, Director Gregory G. Montana bought 1,000 shares of the business's stock in a transaction on Thursday, July 31st. The stock was purchased at an average cost of $46.74 per share, for a total transaction 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 trade represents a 29.93% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $48.90 per share, with a total value of $97,800.00. Following the completion of the transaction, the chief financial officer directly owned 58,220 shares of the company's stock, valued at $2,846,958. This trade represents a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 8,040 shares of company stock valued at $392,916. Corporate insiders own 1.00% of the company's stock.

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.