Quantbot Technologies LP Sells 10,075 Shares of Synovus Financial Corp. $SNV

Key Points

• Quantbot Technologies LP reduced its stake in Synovus Financial Corp. by 15%, selling 10,075 shares and holding 57,075 shares valued at approximately $2.67 million.
• Synovus reported quarterly earnings of $1.48 per share, exceeding expectations, and had revenue of $592.08 million, also beating estimates.
• The company declared a quarterly dividend of $0.39 per share, translating to an annual yield of 3.2% and a payout ratio of nearly 30%.

Quantbot Technologies LP lowered its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 15.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 57,075 shares of the bank's stock after selling 10,075 shares during the period. Quantbot Technologies LP's holdings in Synovus Financial were worth $2,668,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Colonial Trust Co SC boosted its holdings 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 purchasing an additional 499 shares during the period. Spectrum Wealth Counsel LLC bought a new stake in Synovus Financial in the 1st quarter valued at about $70,000. Brooklyn Investment Group boosted 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 valued at $73,000 after purchasing an additional 439 shares during the period. Quent Capital LLC boosted its holdings 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 period. Finally, UMB Bank n.a. boosted its holdings in Synovus Financial by 142.3% in the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock valued at $85,000 after purchasing an additional 1,063 shares during the period. Institutional investors own 83.85% of the company's stock.

Wall Street Analyst Weigh In

SNV has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price objective for the company. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Wells Fargo & Company reissued an "equal weight" rating and issued a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Morgan Stanley upped their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Finally, Stephens cut their price target on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. Ten analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $59.94.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded up $0.60 on Tuesday, reaching $51.39. 99,746 shares of the stock were exchanged, compared to its average volume of 1,615,918. The firm's 50 day moving average is $51.21 and its 200-day moving average is $48.38. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $7.13 billion, a PE ratio of 9.86, a P/E/G ratio of 0.86 and a beta of 1.21.

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 analysts' consensus estimates of $1.25 by $0.23. The company had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter in the prior year, the firm posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, analysts anticipate 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 Tuesday, July 1st. Investors of record on Thursday, June 19th were paid a $0.39 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 annualized dividend and a yield of 3.0%. Synovus Financial's dividend payout ratio is presently 29.94%.

Insider Activity at Synovus Financial

In related news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average price of $48.90 per share, with a total value of $97,800.00. Following the purchase, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory G. Montana acquired 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $46.74 per share, with a total value of $46,740.00. Following the purchase, the director owned 4,341 shares in the company, valued at $202,898.34. The trade was a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 8,040 shares of company stock worth $392,916 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

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.