Nuveen LLC Invests $14.29 Million 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 position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 305,826 shares of the bank's stock, valued at approximately $14,294,000. Nuveen LLC owned 0.22% of Synovus Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Colonial Trust Co SC raised its holdings in shares of Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after purchasing an additional 499 shares during the period. Spectrum Wealth Counsel LLC acquired a new stake in shares of Synovus Financial in the 1st quarter worth about $70,000. Quent Capital LLC increased its holdings in shares of 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 acquiring an additional 1,209 shares during the period. UMB Bank n.a. increased its holdings in shares of Synovus Financial by 142.3% in the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after acquiring an additional 1,063 shares during the period. Finally, Safe Harbor Fiduciary LLC acquired a new stake in shares of Synovus Financial in the 4th quarter worth about $102,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Trading Up 1.8%

SNV stock traded up $0.89 during mid-day trading on Tuesday, reaching $51.68. 1,222,603 shares of the stock traded hands, compared to its average volume of 2,013,632. 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 52-week low of $35.94 and a 52-week high of $61.06. The company has a market cap of $7.17 billion, a P/E ratio of 9.92, a P/E/G ratio of 0.86 and a beta of 1.21. The stock's fifty day moving average is $51.30 and its 200-day moving average is $48.41.

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

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were paid 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 3.0%. Synovus Financial's dividend payout ratio is currently 29.94%.

Analyst Upgrades and Downgrades

SNV has been the subject of several recent analyst reports. Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 price objective (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Barclays decreased their price objective on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Monday, July 28th. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Morgan Stanley raised their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Finally, Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Ten investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Synovus Financial currently has an average rating of "Moderate Buy" and an average price target of $59.94.

Insider Activity

In other news, Director Diana M. Murphy acquired 1,000 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The stock was bought at an average cost 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 of the company's stock, valued at $1,960,344.80. This represents a 2.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gregory G. Montana acquired 1,000 shares of Synovus Financial stock in a transaction on Thursday, July 31st. The shares were purchased at an average cost of $46.74 per share, with a total value of $46,740.00. Following the completion of the purchase, the director directly owned 4,341 shares of the company's stock, valued at approximately $202,898.34. This represents a 29.93% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 8,040 shares of company stock valued at $392,916 over the last ninety days. Corporate insiders own 1.00% of the company's stock.

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.