Synovus Financial Corp. $SNV Shares Purchased by Millennium Management LLC

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 lifted its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 125.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 646,098 shares of the bank's stock after acquiring an additional 359,568 shares during the quarter. Millennium Management LLC owned 0.46% of Synovus Financial worth $30,199,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Synovus Financial in the 1st quarter worth about $47,000. Spectrum Wealth Counsel LLC purchased a new position in Synovus Financial in the 1st quarter worth about $70,000. Brooklyn Investment Group increased its stake in Synovus Financial by 39.1% in the 1st quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after buying an additional 439 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Synovus Financial by 33.3% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock worth $76,000 after buying an additional 406 shares during the period. Finally, Quent Capital LLC increased its stake 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 during the period. Institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Performance

NYSE SNV traded down $0.07 on Tuesday, hitting $50.57. 1,775,678 shares of the company's stock traded hands, compared to its average volume of 1,610,430. 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 1-year low of $35.94 and a 1-year high of $61.06. The firm's 50-day moving average price is $51.13 and its two-hundred day moving average price is $48.17. The firm has a market capitalization of $7.02 billion, a PE ratio of 9.71, a P/E/G ratio of 0.85 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $584.89 million. During the same period in the previous year, the business posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders 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 3.1%. The ex-dividend date is Thursday, September 18th. Synovus Financial's payout ratio is presently 29.94%.

Insider Buying and Selling at Synovus Financial

In other news, Director Gregory G. Montana bought 1,000 shares of the firm's stock in a transaction that occurred 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 purchase, the director directly owned 4,341 shares in the company, valued at approximately $202,898.34. This trade represents a 29.93% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Diana M. Murphy bought 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average price of $48.80 per share, with a total value of $48,800.00. Following the completion of the purchase, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SNV shares. Morgan Stanley raised their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. raised 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. Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday, July 28th. DA Davidson raised their price target on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Finally, Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 target price (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Synovus Financial presently has a consensus rating of "Moderate Buy" and an average price target of $58.83.

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.