Russell Investments Group Ltd. Has $6.22 Million Holdings in Synovus Financial Corp. $SNV

Key Points

• Russell Investments Group Ltd. increased its stake in Synovus Financial Corp. by 18.8%, owning 133,089 shares worth approximately $6.22 million as of the latest SEC filing.
• Analysts show mixed ratings on Synovus Financial, with an overall consensus rating of "Moderate Buy" and a price target averaging $59.94.
• CEO Kevin S. Blair and Director Diana M. Murphy both purchased additional shares of the company, signaling insider confidence amidst these developments.

Russell Investments Group Ltd. raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 18.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 133,089 shares of the bank's stock after purchasing an additional 21,045 shares during the period. Russell Investments Group Ltd. owned 0.10% of Synovus Financial worth $6,221,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in SNV. Janney Montgomery Scott LLC increased its stake in shares of Synovus Financial by 0.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock valued at $2,412,000 after acquiring an additional 249 shares during the last quarter. State of Michigan Retirement System increased its stake in shares of Synovus Financial by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock valued at $1,580,000 after acquiring an additional 300 shares during the last quarter. Greenleaf Trust increased its stake in shares of Synovus Financial by 5.2% in the 1st quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock valued at $300,000 after acquiring an additional 318 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Synovus Financial by 5.6% in the 4th quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock valued at $340,000 after acquiring an additional 352 shares during the last quarter. Finally, US Bancorp DE increased its stake in shares of Synovus Financial by 2.4% in the 1st quarter. US Bancorp DE now owns 15,665 shares of the bank's stock valued at $732,000 after acquiring an additional 369 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SNV shares. Truist Financial upped their price target on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Raymond James Financial cut Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday, July 28th. Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Finally, Morgan Stanley increased their target price on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Ten research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, Synovus Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.94.

Insider Buying and Selling at Synovus Financial

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

Synovus Financial Price Performance

NYSE SNV opened at $49.4140 on Thursday. The business has a 50 day simple moving average of $51.07 and a 200 day simple moving average of $48.61. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week 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 stock has a market cap of $6.86 billion, a price-to-earnings ratio of 9.48, a PEG ratio of 0.84 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The business had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same period in the prior year, the business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. Analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend 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%.

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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