Sivia Capital Partners LLC Invests $270,000 in Synovus Financial Corp. $SNV

Key Points

• Sivia Capital Partners LLC purchased 5,217 shares of Synovus Financial Corp. for approximately $270,000 in the second quarter.
• Synovus Financial reported an earnings per share (EPS) of $1.48, exceeding estimates of $1.25, with revenue for the quarter at $592.08 million.
• A quarterly dividend of $0.39 has been announced, translating to an annual dividend of $1.56 and a 3.0% yield for shareholders.

Sivia Capital Partners LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,217 shares of the bank's stock, valued at approximately $270,000.

Several other hedge funds have also added to or reduced their stakes in SNV. BI Asset Management Fondsmaeglerselskab A S bought a new position in Synovus Financial during the first quarter worth $47,000. Spectrum Wealth Counsel LLC bought a new position in Synovus Financial during the first quarter worth $70,000. Brooklyn Investment Group boosted its position in Synovus Financial by 39.1% during the first 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. Northwestern Mutual Wealth Management Co. boosted its position in Synovus Financial by 33.3% during the first 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. Finally, Quent Capital LLC boosted its position in Synovus Financial by 205.6% during the first quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock worth $84,000 after purchasing an additional 1,209 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Stock Down 2.3%

NYSE SNV traded down $1.18 during mid-day trading on Friday, hitting $50.93. The company's stock had a trading volume of 2,699,651 shares, compared to its average volume of 1,675,292. The company's 50 day simple moving average is $50.93 and its 200 day simple moving average is $48.22. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month 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 firm has a market capitalization of $7.07 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 0.87 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The business had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same quarter last year, the firm posted $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 year.

Synovus Financial Announces Dividend

The firm 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 dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Thursday, September 18th. Synovus Financial's payout ratio is presently 29.94%.

Analyst Ratings Changes

A number of equities analysts have commented on SNV shares. JPMorgan Chase & Co. lifted their price objective 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. Barclays lowered their price objective on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. DA Davidson increased their price objective on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Raymond James Financial cut Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $58.83.

Insiders Place Their Bets

In other Synovus Financial news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price of $48.90 per share, with a total value of $97,800.00. Following the acquisition, the chief financial officer directly owned 58,220 shares in the company, valued at approximately $2,846,958. The trade was a 3.56% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory G. Montana acquired 1,000 shares of Synovus Financial stock in a transaction dated Thursday, July 31st. The shares were purchased at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the transaction, the director directly owned 4,341 shares in the company, valued at approximately $202,898.34. The trade was a 29.93% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 8,040 shares of company stock worth $392,916. 1.00% of the stock is currently owned by insiders.

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.