Synovus Financial Corp. (NYSE:SNV) Shares Sold 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. cut its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 37.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,171 shares of the bank's stock after selling 12,259 shares during the period. Meeder Asset Management Inc.'s holdings in Synovus Financial were worth $943,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. LPL Financial LLC increased 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 valued at $1,665,000 after purchasing an additional 1,902 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Synovus Financial by 2.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,495 shares of the bank's stock valued at $1,893,000 after acquiring an additional 947 shares during the period. Spectrum Wealth Counsel LLC bought a new stake in shares of Synovus Financial during the 1st quarter valued at $70,000. HB Wealth Management LLC boosted its holdings in Synovus Financial by 18.6% in the 1st quarter. HB Wealth Management LLC now owns 16,553 shares of the bank's stock worth $774,000 after buying an additional 2,598 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in Synovus Financial by 70.8% in the 1st quarter. Cetera Investment Advisers now owns 11,933 shares of the bank's stock worth $558,000 after buying an additional 4,948 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

Shares of Synovus Financial stock traded down $0.69 during trading on Friday, hitting $46.55. 3,396,359 shares of the company's stock were exchanged, compared to its average volume of 3,087,829. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The business has a 50-day simple moving average of $50.97 and a 200-day simple moving average of $49.22. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. The stock has a market capitalization of $6.47 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 0.80 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The business had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same period in the prior year, the company posted $1.16 EPS. On average, research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

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

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana acquired 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was bought 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 in the company, valued at approximately $202,898.34. The trade was a 29.93% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Diana M. Murphy bought 1,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the acquisition, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 8,040 shares of company stock worth $392,916 in the last 90 days. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SNV has been the topic of several research analyst reports. Keefe, Bruyette & Woods upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $58.00 to $65.00 in a research note on Friday, July 18th. Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday. Barclays dropped their target price 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. DA Davidson increased their price objective on shares of Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, Royal Bank Of Canada dropped their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.78.

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.