Algert Global LLC Has $11.31 Million Holdings in Synovus Financial Corp. $SNV

Key Points

• Algert Global LLC increased its stake in Synovus Financial Corp. by 3.0%, owning approximately 0.17% of the company, valued at about $11.3 million.
• Insider transactions included Synovus Financial's Director and CFO purchasing a combined total of 3,000 shares at prices around $48.80 and $48.90, respectively.
• Analysts exhibit mixed sentiment; while Morgan Stanley raised their target price to $61.00, Raymond James downgraded the stock from "moderate buy" to "hold."

Algert Global LLC increased its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 241,979 shares of the bank's stock after purchasing an additional 7,019 shares during the quarter. Algert Global LLC owned approximately 0.17% of Synovus Financial worth $11,310,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SNV. Wells Fargo & Company MN lifted its holdings in Synovus Financial by 1.0% in the 4th quarter. Wells Fargo & Company MN now owns 88,204 shares of the bank's stock worth $4,519,000 after purchasing an additional 895 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Synovus Financial by 14.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 50,705 shares of the bank's stock worth $2,598,000 after purchasing an additional 6,309 shares during the last quarter. Cerity Partners LLC lifted its holdings in Synovus Financial by 7.4% in the 4th quarter. Cerity Partners LLC now owns 15,820 shares of the bank's stock worth $767,000 after purchasing an additional 1,092 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Synovus Financial in the 4th quarter worth approximately $207,000. Finally, Raymond James Financial Inc. acquired a new stake in Synovus Financial in the 4th quarter worth approximately $6,687,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. raised their target price on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Stephens lowered their target price on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Keefe, Bruyette & Woods lowered Synovus Financial from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Finally, Jefferies Financial Group assumed coverage on Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price on the stock. Ten investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $59.94.

Synovus Financial Stock Performance

Synovus Financial stock traded down $0.2750 during trading hours on Thursday, hitting $49.1250. The stock had a trading volume of 1,310,245 shares, compared to its average volume of 1,623,429. The company has a 50-day moving average of $51.07 and a two-hundred 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. The company has a market cap of $6.82 billion, a PE ratio of 9.43, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06.

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

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders 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 dividend yield of 3.2%. Synovus Financial's dividend payout ratio is presently 29.94%.

Insider Buying and Selling

In related news, CEO Kevin S. Blair bought 4,040 shares of the company's stock in a transaction dated 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 owned 164,378 shares in the company, valued at approximately $8,120,273.20. This represents a 2.52% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average cost of $48.90 per share, with a total value of $97,800.00. Following the completion of the acquisition, the chief financial officer owned 58,220 shares in the company, valued at $2,846,958. This represents a 3.56% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by corporate insiders.

Synovus Financial 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.