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 holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 15.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,075 shares of the bank's stock after selling 10,075 shares during the quarter. Quantbot Technologies LP's holdings in Synovus Financial were worth $2,668,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Colonial Trust Co SC lifted its position in Synovus Financial by 554.4% during the fourth 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 last quarter. Spectrum Wealth Counsel LLC bought a new position in Synovus Financial during the first quarter valued at $70,000. Brooklyn Investment Group lifted its position in Synovus Financial by 39.1% during the first 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 last quarter. Quent Capital LLC lifted its position in Synovus Financial by 205.6% during the first 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. Finally, UMB Bank n.a. lifted its position in Synovus Financial by 142.3% during the first 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 last quarter. Institutional investors own 83.85% of the company's stock.

Synovus Financial Trading Down 0.2%

Shares of SNV opened at $49.4140 on Thursday. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The company has a market cap of $6.86 billion, a P/E ratio of 9.48, a P/E/G ratio of 0.84 and a beta of 1.21. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The company's fifty day simple moving average is $51.07 and its 200-day simple moving average is $48.61.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.23. The business had revenue of $592.08 million for 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 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is currently 29.94%.

Insider Buying and Selling at Synovus Financial

In other news, Director Gregory G. Montana acquired 1,000 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were purchased at an average price of $46.74 per share, with a total value of $46,740.00. Following the transaction, the director directly owned 4,341 shares in the company, valued at approximately $202,898.34. This represents a 29.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the transaction, the chief financial officer owned 58,220 shares in the company, valued at approximately $2,846,958. The trade was a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 8,040 shares of company stock valued at $392,916 in the last ninety days. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

SNV has been the subject of several research reports. Truist Financial increased their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. Finally, Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday, July 28th. Ten research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.94.

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.

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