Prudential PLC Grows Holdings in Synovus Financial Corp. $SNV

Key Points

• Prudential PLC increased its stake in Synovus Financial Corp. by 24.0% in Q1, owning 42,968 shares valued at approximately $2,008,000.
• Despite some analysts lowering their price targets, Synovus Financial has a consensus rating of "Moderate Buy" with an average target price of $59.94.
• The bank reported better-than-expected earnings, with an EPS of $1.48 for the last quarter, exceeding expectations by $0.23.

Prudential PLC grew its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 24.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,968 shares of the bank's stock after acquiring an additional 8,309 shares during the quarter. Prudential PLC's holdings in Synovus Financial were worth $2,008,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Colonial Trust Co SC increased its stake in Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after buying an additional 499 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Synovus Financial during the 1st quarter worth about $70,000. Quent Capital LLC lifted 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 valued at $84,000 after purchasing an additional 1,209 shares during the last quarter. UMB Bank n.a. grew its holdings in Synovus Financial by 142.3% during the first quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after purchasing an additional 1,063 shares during the period. Finally, Safe Harbor Fiduciary LLC acquired a new stake in Synovus Financial during the fourth quarter worth approximately $102,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on SNV. Stephens decreased their price target 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 shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Morgan Stanley increased their price target on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. JPMorgan Chase & Co. upped their target price 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. Finally, Truist Financial increased 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. Ten analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $59.94.

Insider Activity at Synovus Financial

In related news, CEO Kevin S. Blair purchased 4,040 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $49.40 per share, with a total value of $199,576.00. Following the completion of the purchase, the chief executive officer directly owned 164,378 shares in the company, valued at approximately $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the completion of the transaction, the chief financial officer directly owned 58,220 shares in the company, valued at approximately $2,846,958. This trade represents a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 8,040 shares of company stock worth $392,916 over the last ninety days. Corporate insiders own 1.00% of the company's stock.

Synovus Financial Price Performance

SNV stock traded down $0.01 during midday trading on Tuesday, reaching $49.69. The company had a trading volume of 283,311 shares, compared to its average volume of 1,623,242. The firm has a 50-day moving average price of $51.06 and a 200-day moving average price of $48.60. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $6.90 billion, a P/E ratio of 9.52, a P/E/G ratio of 0.84 and a beta of 1.21. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.23. The company had revenue of $592.08 million during 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 previous year, the business earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is currently 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.