Synovus Financial Corp. $SNV Shares Sold by Resources Management Corp CT ADV

Key Points

• Resources Management Corp CT ADV reduced its stake in Synovus Financial Corp. by 24.7%, owning 16,880 shares valued at approximately $789,000 after selling 5,550 shares.
• Synovus Financial recently announced a quarterly dividend of $0.39 per share, which equates to an annualized $1.56 with a yield of 3.0%.
• The stock has seen mixed ratings from analysts, with UBS Group downgrading it from "buy" to "neutral," while Wall Street Zen upgraded it from "hold" to "buy."

Resources Management Corp CT ADV cut its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 24.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,880 shares of the bank's stock after selling 5,550 shares during the quarter. Resources Management Corp CT ADV's holdings in Synovus Financial were worth $789,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Janney Montgomery Scott LLC lifted its holdings in shares of Synovus Financial by 0.5% during the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after purchasing an additional 249 shares during the period. State of Michigan Retirement System lifted its holdings in shares of Synovus Financial by 0.9% during the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock worth $1,580,000 after purchasing an additional 300 shares during the period. Greenleaf Trust lifted its holdings in shares of Synovus Financial by 5.2% during the first quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock worth $300,000 after purchasing an additional 318 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Synovus Financial by 5.6% during the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock worth $340,000 after purchasing an additional 352 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of Synovus Financial by 2.4% during the first quarter. US Bancorp DE now owns 15,665 shares of the bank's stock worth $732,000 after purchasing an additional 369 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Synovus Financial

In other news, Director Diana M. Murphy bought 1,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average price of $48.80 per share, with a total value of $48,800.00. Following the purchase, the director owned 40,171 shares of the company's stock, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost 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 $2,846,958. The trade was a 3.56% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 8,040 shares of company stock worth $392,916. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SNV. Morgan Stanley raised their target price on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Jefferies Financial Group began coverage on Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price for the company. Stephens reduced their target price on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. Raymond James Financial downgraded Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. raised their target price on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.83.

Synovus Financial Price Performance

Shares of NYSE:SNV traded down $0.04 during midday trading on Friday, hitting $51.75. 1,629,006 shares of the stock were exchanged, compared to its average volume of 1,625,176. The stock has a market cap of $7.18 billion, a P/E ratio of 9.93, a PEG ratio of 0.87 and a beta of 1.22. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The company has a 50 day moving average price of $51.29 and a 200-day moving average price of $48.18.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly 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 business had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same quarter in the previous year, the company posted $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 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's payout ratio is 29.94%.

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.