Pallas Capital Advisors LLC Trims Stock Holdings in Synovus Financial Corp. $SNV

Key Points

• Pallas Capital Advisors LLC has reduced its stake in Synovus Financial Corp. by 35.9%, selling 6,981 shares and leaving it with 12,444 shares valued at $644,000.
• Despite the reduction by Pallas Capital, other institutional investors such as AQR Capital Management and Invesco have significantly increased their holdings in Synovus Financial, indicating continued institutional interest.
• Synovus Financial announced a quarterly dividend of $0.39 per share, representing a 3.1% yield, and also reported better-than-expected earnings of $1.48 per share for the last quarter.

Pallas Capital Advisors LLC lessened its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 35.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,444 shares of the bank's stock after selling 6,981 shares during the quarter. Pallas Capital Advisors LLC's holdings in Synovus Financial were worth $644,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in shares of Synovus Financial by 168.2% in the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock worth $130,546,000 after acquiring an additional 1,791,973 shares during the last quarter. Bank of New York Mellon Corp raised its position in Synovus Financial by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock valued at $73,748,000 after purchasing an additional 86,694 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in Synovus Financial by 1.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank's stock worth $41,394,000 after purchasing an additional 12,036 shares in the last quarter. Invesco Ltd. lifted its stake in Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock worth $38,363,000 after purchasing an additional 548,092 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Synovus Financial by 125.5% during the first quarter. Millennium Management LLC now owns 646,098 shares of the bank's stock worth $30,199,000 after buying an additional 359,568 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Synovus Financial news, CFO Andrew J. Jr. Gregory bought 2,000 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, the chief financial officer owned 58,220 shares of the company's stock, valued at $2,846,958. The trade was a 3.56% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Diana M. Murphy bought 1,000 shares of the firm's stock in a transaction dated 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 directly owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 8,040 shares of company stock worth $392,916 over the last 90 days. Corporate insiders own 1.00% of the company's stock.

Synovus Financial Stock Down 2.3%

SNV opened at $50.93 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The business has a 50 day simple moving average of $50.93 and a 200-day simple moving average of $48.22. The stock has a market capitalization of $7.07 billion, a P/E ratio of 9.78, a P/E/G ratio of 0.87 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its 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 company had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same period in the prior year, the business posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. Synovus Financial's dividend payout ratio is presently 29.94%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SNV shares. Truist Financial lifted their target price on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. UBS Group cut shares of Synovus Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $63.00 to $56.00 in a report on Tuesday, September 2nd. Wells Fargo & Company reiterated an "equal weight" rating and set a $58.00 target price (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Barclays cut their price objective on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, Synovus Financial has an average rating of "Moderate Buy" and a consensus price target 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.

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