Swiss National Bank Lowers Stake in Synovus Financial Corp. (NYSE:SNV)

Key Points

• Swiss National Bank reduced its stake in Synovus Financial Corp. by 3.1%, owning approximately 0.20% of the company after selling 8,700 shares.
• Synovus Financial reported $1.48 EPS for the last quarter, exceeding analysts' estimates, and had a revenue of $592.08 million.
• The company's recent dividend announcement included a quarterly payment of $0.39 per share with a yield of 3.1%.

Swiss National Bank cut its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 3.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 274,419 shares of the bank's stock after selling 8,700 shares during the quarter. Swiss National Bank owned approximately 0.20% of Synovus Financial worth $12,826,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Tidal Investments LLC acquired a new stake in shares of Synovus Financial in the fourth quarter worth approximately $222,000. Cerity Partners LLC boosted its position in shares of Synovus Financial by 50.9% in the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock worth $1,116,000 after acquiring an additional 8,059 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Synovus Financial during the 1st quarter worth about $251,000. First Citizens Bank & Trust Co. grew its holdings in shares of Synovus Financial by 32.8% during the 1st quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after purchasing an additional 5,717 shares during the period. Finally, Jackson Creek Investment Advisors LLC purchased a new stake in shares of Synovus Financial during the 1st quarter worth about $237,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Trading Up 0.4%

Shares of SNV opened at $49.75 on Friday. The company has a market capitalization of $6.91 billion, a P/E ratio of 9.55, a P/E/G ratio of 0.84 and a beta of 1.21. Synovus Financial Corp. has a one year low of $35.94 and a one year 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 50-day moving average price of $51.04 and a 200 day moving average price of $48.79.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. During the same quarter in the prior year, the business posted $1.16 earnings per share. Sell-side analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were issued a $0.39 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. Synovus Financial's dividend payout ratio is currently 29.94%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods cut Synovus Financial from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $65.00 to $50.00 in a report on Tuesday. Truist Financial boosted their target price on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Royal Bank Of Canada decreased their target price on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a report on Monday, April 21st. DA Davidson boosted their target price on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Finally, Stephens decreased their target price on 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. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $59.94.

Insiders Place Their Bets

In other Synovus Financial news, Director Diana M. Murphy purchased 1,000 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average price of $48.80 per share, with a total value of $48,800.00. Following the completion of the acquisition, the director owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin S. Blair purchased 4,040 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average cost of $49.40 per share, with a total value of $199,576.00. Following the acquisition, 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 position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company's stock.

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.

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