Pzena Investment Management LLC Grows Stake in Synovus Financial Corp. $SNV

Key Points

• Pzena Investment Management LLC increased its stake in Synovus Financial Corp. by 1.7% in the second quarter, now owning 680,368 shares valued at approximately $35.2 million.
• Several institutional investors, including GAMMA Investing LLC and Wealth Enhancement Advisory Services LLC, have significantly increased their holdings in Synovus Financial during the first quarter.
• Research analysts have set varying price targets for Synovus Financial, with a consensus rating of "Hold" and an average price target of $58.50; some analysts have downgraded the stock from Buy to Hold recently.

Pzena Investment Management LLC grew its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 1.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 680,368 shares of the bank's stock after buying an additional 11,521 shares during the quarter. Pzena Investment Management LLC owned approximately 0.49% of Synovus Financial worth $35,209,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SNV. GAMMA Investing LLC lifted its holdings in Synovus Financial by 37.5% in the 1st quarter. GAMMA Investing LLC now owns 5,368 shares of the bank's stock worth $251,000 after buying an additional 1,465 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Synovus Financial by 122.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 60,405 shares of the bank's stock worth $2,823,000 after buying an additional 33,294 shares during the period. Janney Montgomery Scott LLC lifted its holdings in Synovus Financial by 0.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after buying an additional 249 shares during the period. Inscription Capital LLC purchased a new stake in Synovus Financial in the 1st quarter worth approximately $888,000. Finally, State of Alaska Department of Revenue lifted its holdings in Synovus Financial by 2.4% in the 1st quarter. State of Alaska Department of Revenue now owns 16,535 shares of the bank's stock worth $772,000 after buying an additional 382 shares during the period. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Stephens lowered their target price on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Raymond James Financial cut Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday, July 28th. Barclays lowered their target price on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Keefe, Bruyette & Woods cut Synovus Financial from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. Finally, Weiss Ratings cut Synovus Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $58.50.

Insider Buying and Selling

In other Synovus Financial news, CEO Kevin S. Blair bought 4,040 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The stock was 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 in the company, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diana M. Murphy bought 1,000 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The stock was acquired at an average cost of $48.80 per share, with a total value of $48,800.00. Following the acquisition, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. This represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 8,040 shares of company stock worth $392,916 in the last 90 days. Corporate insiders own 1.00% of the company's stock.

Synovus Financial Stock Down 5.2%

SNV stock opened at $44.97 on Monday. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The firm has a market cap of $6.24 billion, a PE ratio of 8.63, a price-to-earnings-growth ratio of 0.81 and a beta of 1.21. The business has a 50 day moving average of $49.73 and a 200 day moving average of $48.44.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.The company had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. During the same quarter last year, the company earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, 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 Wednesday, October 1st. Investors of record on Thursday, September 18th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial's dividend payout ratio (DPR) is 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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