Rafferty Asset Management LLC Sells 37,537 Shares of Synovus Financial Corp. $SNV

Key Points

• Rafferty Asset Management LLC reduced its stake in Synovus Financial Corp. by 14.4%, holding 222,695 shares valued at approximately $10.41 million.
• Synovus Financial recently reported an earnings per share (EPS) of $1.48, surpassing analyst expectations, and has set a strong FY 2025 earnings forecast.
• The company confirmed a quarterly dividend of $0.39 per share, translating to an annualized dividend yield of 3.1% with a payout ratio of 29.94%.

Rafferty Asset Management LLC lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 14.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 222,695 shares of the bank's stock after selling 37,537 shares during the quarter. Rafferty Asset Management LLC owned about 0.16% of Synovus Financial worth $10,409,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Tidal Investments LLC bought a new position in shares of Synovus Financial in the fourth quarter valued at approximately $222,000. Cerity Partners LLC grew its stake in Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock valued at $1,116,000 after acquiring an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Synovus Financial during the first quarter valued at approximately $251,000. First Citizens Bank & Trust Co. grew its stake in Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock valued at $1,081,000 after acquiring an additional 5,717 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC purchased a new position in Synovus Financial during the first quarter valued at approximately $237,000. Institutional investors own 83.85% of the company's stock.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CEO Kevin S. Blair acquired 4,040 shares of the stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the acquisition, the chief executive officer owned 164,378 shares in the company, valued at $8,120,273.20. The trade was a 2.52% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Diana M. Murphy acquired 1,000 shares of the stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $48.80 per share, with a total value of $48,800.00. Following the completion of the acquisition, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 8,040 shares of company stock valued at $392,916. Insiders own 1.00% of the company's stock.

Synovus Financial Price Performance

Synovus Financial stock traded up $0.68 during mid-day trading on Friday, hitting $51.54. 2,319,127 shares of the company traded hands, compared to its average volume of 1,865,714. The stock has a market cap of $7.15 billion, a price-to-earnings ratio of 9.89, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The stock has a fifty day moving average price of $51.46 and a 200-day moving average price of $48.32.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data 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 firm 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 posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, equities analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's payout ratio is presently 29.94%.

Wall Street Analyst Weigh In

SNV has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Barclays reduced their price objective on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. DA Davidson boosted their price objective on shares of Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Truist Financial boosted their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. lifted their target price 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. Ten investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Synovus Financial presently has a consensus rating of "Moderate Buy" and an average 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.