Oliver Luxxe Assets LLC Raises Stake in Synovus Financial Corp. $SNV

Key Points

• Oliver Luxxe Assets LLC increased its stake in Synovus Financial Corp by 27.9%, acquiring an additional 10,922 shares, bringing its total holdings to 50,055 shares valued at approximately $2.59 million.
• The stock has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a target price varying from $54 to $65 across different firms.
• Synovus Financial recently declared a quarterly dividend of $0.39 per share, amounting to an annualized yield of 3.1%, to be paid on October 1st.

Oliver Luxxe Assets LLC increased its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 27.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,055 shares of the bank's stock after acquiring an additional 10,922 shares during the quarter. Oliver Luxxe Assets LLC's holdings in Synovus Financial were worth $2,590,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. bought a new position in Synovus Financial in the second quarter worth about $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Synovus Financial in the 1st quarter worth approximately $47,000. Spectrum Wealth Counsel LLC acquired a new position in Synovus Financial in the 1st quarter worth approximately $70,000. Brooklyn Investment Group increased its holdings 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. Finally, Northwestern Mutual Wealth Management Co. increased its holdings 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. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Barclays dropped their price objective 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, July 28th. Truist Financial raised their price objective on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. DA Davidson lifted their price target on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Finally, Stephens reduced their price objective on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of "Moderate Buy" and an average target price of $58.83.

Insider Transactions at Synovus Financial

In other news, Director Diana M. Murphy purchased 1,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the transaction, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. This represents a 2.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kevin S. Blair purchased 4,040 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average price of $49.40 per share, with a total value of $199,576.00. Following the transaction, the chief executive officer owned 164,378 shares of the company's stock, valued at approximately $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 8,040 shares of company stock worth $392,916. Corporate insiders own 1.00% of the company's stock.

Synovus Financial Stock Performance

Shares of Synovus Financial stock opened at $50.93 on Monday. The firm has a market capitalization of $7.07 billion, a P/E ratio of 9.78, a P/E/G ratio of 0.86 and a beta of 1.22. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The firm's 50 day moving average is $50.93 and its two-hundred day moving average is $48.23. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same period last year, the company earned $1.16 earnings per share. 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th will be given a $0.39 dividend. The ex-dividend date is Thursday, September 18th. This represents a $1.56 annualized dividend and a yield of 3.1%. Synovus Financial's dividend payout ratio is presently 29.94%.

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.

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