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 its most recent filing with the Securities & Exchange Commission. The firm owned 16,880 shares of the bank's stock after selling 5,550 shares during the period. Resources Management Corp CT ADV's holdings in Synovus Financial were worth $789,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Colonial Trust Co SC grew its stake in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after buying an additional 499 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Synovus Financial during the 1st quarter worth $47,000. Spectrum Wealth Counsel LLC purchased a new stake in Synovus Financial during the 1st quarter worth $70,000. Brooklyn Investment Group boosted its position in Synovus Financial by 39.1% during the 1st quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after purchasing an additional 439 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Synovus Financial by 33.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock worth $76,000 after purchasing an additional 406 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SNV shares. Jefferies Financial Group started coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Raymond James Financial cut shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Stephens decreased 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 research report on Tuesday, July 29th. Finally, Truist Financial upped their price target on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Synovus Financial has a consensus rating of "Moderate Buy" and an average price target of $58.83.

Synovus Financial Stock Down 0.1%

SNV stock traded down $0.04 during trading on Friday, reaching $51.75. The stock had a trading volume of 1,258,721 shares, compared to its average volume of 1,633,949. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06. 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 has a market capitalization of $7.18 billion, a P/E ratio of 9.93, a PEG ratio of 0.86 and a beta of 1.22. The firm has a fifty day moving average price of $51.36 and a 200 day moving average price of $48.20.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million for 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 quarter in the previous year, the business posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th will be paid 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 is Thursday, September 18th. Synovus Financial's dividend payout ratio is 29.94%.

Insider Activity at Synovus Financial

In related news, Director Diana M. Murphy bought 1,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director owned 40,171 shares in the company, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the purchase, the chief financial officer owned 58,220 shares in the company, valued at approximately $2,846,958. This represents a 3.56% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company's stock.

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.