Synovus Financial Corp. $SNV Shares Bought by Sit Investment Associates Inc.

Key Points

• Sit Investment Associates Inc. increased its holdings in Synovus Financial Corp. by 210.3% in the first quarter, now owning 17,706 shares valued at $828,000.
• In the latest earnings report, Synovus Financial beat expectations with an EPS of $1.48, exceeding analysts' estimates of $1.25 and showing a return on equity of 16.20%.
• The company recently announced a quarterly dividend of $0.39 per share, reflecting an annualized yield of 3.2% with a dividend payout ratio of 29.94%.

Sit Investment Associates Inc. lifted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 210.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,706 shares of the bank's stock after purchasing an additional 12,000 shares during the quarter. Sit Investment Associates Inc.'s holdings in Synovus Financial were worth $828,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of SNV. Colonial Trust Co SC grew its position in shares of 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 in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Synovus Financial during the first quarter worth $70,000. Quent Capital LLC increased its position in shares of Synovus Financial by 205.6% in the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock valued at $84,000 after acquiring an additional 1,209 shares during the period. UMB Bank n.a. boosted its stake in shares of Synovus Financial by 142.3% during the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after acquiring an additional 1,063 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC purchased a new position in Synovus Financial in the 4th quarter valued at about $102,000. 83.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Synovus Financial news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were 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 $2,846,958. This represents a 3.56% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory G. Montana bought 1,000 shares of the company's stock in a transaction on Thursday, July 31st. The stock was bought at an average cost of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the acquisition, the director directly owned 4,341 shares of the company's stock, valued at approximately $202,898.34. This represents a 29.93% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 8,040 shares of company stock valued at $392,916 over the last quarter. Company insiders own 1.00% of the company's stock.

Synovus Financial Price Performance

NYSE:SNV traded down $0.2150 during mid-day trading on Thursday, reaching $49.1850. 131,279 shares of the company were exchanged, compared to its average volume of 1,616,367. The stock has a market cap of $6.83 billion, a PE ratio of 9.46, a PEG ratio of 0.84 and a beta of 1.21. The company has a fifty day moving average of $51.07 and a 200 day moving average of $48.61. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last released 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 during the quarter, compared to analysts' expectations 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 last year, the business earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Truist Financial lifted their target price on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Morgan Stanley boosted their price target on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, Barclays cut their target price on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Ten investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $59.94.

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.