Nuveen LLC Buys New Position in Synovus Financial Corp. $SNV

Key Points

• Nuveen LLC has acquired a new stake in Synovus Financial Corp., purchasing 305,826 shares valued at approximately $14.3 million, which represents about 0.22% of the company.
• Insider trading activity included CEO Kevin S. Blair and CFO Andrew J. Jr. Gregory purchasing shares, with Blair acquiring 4,040 shares and Gregory acquiring 2,000 shares.
• Research analysts have upgraded their ratings for Synovus Financial, with Wall Street Zen moving the stock from "hold" to "buy" and ten analysts now rating it as a Buy.

Nuveen LLC bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 305,826 shares of the bank's stock, valued at approximately $14,294,000. Nuveen LLC owned about 0.22% of Synovus Financial as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Janney Montgomery Scott LLC boosted its position in Synovus Financial by 0.5% in the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after purchasing an additional 249 shares during the last quarter. State of Michigan Retirement System boosted its position in Synovus Financial by 0.9% in the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock worth $1,580,000 after purchasing an additional 300 shares during the last quarter. Greenleaf Trust boosted its position in Synovus Financial by 5.2% in the first quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock worth $300,000 after purchasing an additional 318 shares during the last quarter. ProShare Advisors LLC boosted its position in Synovus Financial by 5.6% in the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock worth $340,000 after purchasing an additional 352 shares during the last quarter. Finally, US Bancorp DE boosted its position in Synovus Financial by 2.4% in the first quarter. US Bancorp DE now owns 15,665 shares of the bank's stock worth $732,000 after purchasing an additional 369 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Insider Buying and Selling

In related news, CEO Kevin S. Blair acquired 4,040 shares of the company'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 acquisition, the chief executive officer owned 164,378 shares of the company's stock, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the company's stock in a transaction that occurred on 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 acquisition, the chief financial officer directly owned 58,220 shares in the company, valued at $2,846,958. This represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on SNV shares. Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Stephens cut their price objective 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. Raymond James Financial cut Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods cut Synovus Financial from an "outperform" rating to a "market perform" rating and dropped their price target for the company from $65.00 to $50.00 in a research report on Tuesday, August 12th. Finally, Jefferies Financial Group started coverage on Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. Ten research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $59.94.

Synovus Financial Stock Performance

Shares of SNV opened at $49.4140 on Thursday. The stock's 50-day simple moving average is $51.07 and its 200 day simple moving average is $48.61. The stock has a market capitalization of $6.86 billion, a price-to-earnings ratio of 9.48, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The business had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same quarter in the prior year, the firm posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. Research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.2%. Synovus Financial's dividend 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.

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