Millennium Management LLC Boosts Stock Position in Synovus Financial Corp. $SNV

Key Points

• Millennium Management LLC increased its stake in Synovus Financial Corp. by 125.5%, holding approximately $30.20 million in shares after purchasing an additional 359,568 shares.
• Analysts have varied ratings for Synovus Financial, with price targets ranging from $54.00 to $61.00, providing a consensus rating of "Moderate Buy".
• Synovus Financial recently announced a quarterly dividend of $0.39 per share, translating to an annualized yield of 3.0% and a payout ratio of 29.94%.

Millennium Management LLC grew its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 125.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 646,098 shares of the bank's stock after acquiring an additional 359,568 shares during the quarter. Millennium Management LLC owned about 0.46% of Synovus Financial worth $30,199,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SNV. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Synovus Financial during the first quarter valued at $47,000. Spectrum Wealth Counsel LLC bought a new position in shares of Synovus Financial during the first quarter valued at $70,000. Brooklyn Investment Group increased its holdings in shares of Synovus Financial by 39.1% during the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock valued at $73,000 after acquiring an additional 439 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Synovus Financial by 33.3% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock valued at $76,000 after acquiring an additional 406 shares in the last quarter. Finally, Quent Capital LLC increased its holdings in Synovus Financial by 205.6% in the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock worth $84,000 after buying an additional 1,209 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Kevin S. Blair acquired 4,040 shares of Synovus Financial stock in a transaction 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 purchase, the chief executive officer directly owned 164,378 shares in the company, valued at $8,120,273.20. The trade was a 2.52% increase in their position. The transaction was disclosed in a document filed 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 dated Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the transaction, the chief financial officer owned 58,220 shares in the company, valued at approximately $2,846,958. The trade was a 3.56% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 8,040 shares of company stock worth $392,916 over the last quarter. Company insiders own 1.00% of the company's stock.

Synovus Financial Stock Performance

Shares of SNV stock traded down $0.04 during trading hours on Friday, reaching $51.75. 1,629,006 shares of the company traded hands, compared to its average volume of 1,625,176. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $7.18 billion, a P/E ratio of 9.93, a P/E/G ratio of 0.87 and a beta of 1.22. The firm has a 50-day moving average price of $51.29 and a 200 day moving average price of $48.21.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data 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 return on equity of 16.20% and a net margin of 21.52%.The firm had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. During the same period in the previous year, the firm earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's dividend payout ratio (DPR) is 29.94%.

Wall Street Analyst Weigh In

SNV has been the subject of several research analyst reports. Morgan Stanley lifted their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Stephens reduced their price objective on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. UBS Group downgraded Synovus Financial from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $63.00 to $56.00 in a report on Tuesday, September 2nd. Finally, Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $58.83.

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.