Strs Ohio Buys New Position in Synovus Financial Corp. $SNV

Key Points

• Strs Ohio has invested approximately $1.24 million in Synovus Financial Corp., acquiring 26,609 shares during the first quarter.
• Synovus Financial recently announced a quarterly dividend of $0.39 per share, with an annualized basis of $1.56 and a dividend yield of 3.0%.
• The company's recent earnings report showed an EPS of $1.48, surpassing expectations and indicating a net margin of 21.52%.

Strs Ohio bought a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 26,609 shares of the bank's stock, valued at approximately $1,244,000.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 price objective (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Barclays reduced their price objective on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Stephens reduced their price objective on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. DA Davidson raised their price objective on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. 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 issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $58.83.

Synovus Financial Stock Performance

Shares of Synovus Financial stock traded down $1.18 during trading on Friday, reaching $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 has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The business's fifty day moving average price is $50.93 and its 200-day moving average price is $48.22. The firm has a market cap of $7.07 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22. Synovus Financial Corp. has a one year low of $35.94 and a one year 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, topping analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.The business had revenue of $592.08 million for the quarter, compared to the consensus estimate of $584.89 million. During the same period last year, the business earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. Synovus Financial's dividend payout ratio (DPR) is 29.94%.

Insider Transactions at Synovus Financial

In related news, CEO Kevin S. Blair purchased 4,040 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $49.40 per share, with a total value of $199,576.00. Following the completion of the purchase, the chief executive officer directly owned 164,378 shares of the company's stock, valued at $8,120,273.20. This trade represents a 2.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory G. Montana acquired 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average price of $46.74 per share, with a total value of $46,740.00. Following the transaction, the director directly owned 4,341 shares in the company, valued at $202,898.34. The trade was a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 8,040 shares of company stock valued at $392,916 in the last ninety days. 1.00% of the stock is owned by corporate insiders.

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.