Synovus Financial Corp. $SNV is Synovus Financial Corp's 5th Largest Position

Key Points

• Synovus Financial Corp has trimmed its position in Synovus Financial by 0.3%, now holding approximately 5.33 million shares, which represents 3.2% of its portfolio.
• The bank reported $1.48 EPS for the latest quarter, exceeding analysts' expectations and showing a net margin of 21.52%.
• Synovus Financial declared a quarterly dividend of $0.39 per share, resulting in an annualized dividend yield of 3.1%.

Synovus Financial Corp lowered its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 0.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,330,889 shares of the bank's stock after selling 13,532 shares during the period. Synovus Financial makes up approximately 3.2% of Synovus Financial Corp's holdings, making the stock its 5th largest holding. Synovus Financial Corp owned about 3.83% of Synovus Financial worth $249,166,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. AQR Capital Management LLC increased its stake in Synovus Financial by 226.5% in the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock worth $54,573,000 after purchasing an additional 738,983 shares during the period. Invesco Ltd. boosted its position in Synovus Financial by 201.0% during the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock valued at $38,363,000 after buying an additional 548,092 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Synovus Financial by 5,495.2% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after acquiring an additional 343,613 shares during the last quarter. Northern Trust Corp increased its position in shares of Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after acquiring an additional 337,784 shares during the period. Finally, Nuveen LLC bought a new position in shares of Synovus Financial during the first quarter valued at about $14,294,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SNV. Truist Financial boosted their price target on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Morgan Stanley raised their price target on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Keefe, Bruyette & Woods cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating and reduced their price target for the company from $65.00 to $50.00 in a research report on Tuesday, August 12th. Ten equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $59.94.

Insiders Place Their Bets

In related news, Director Diana M. Murphy bought 1,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kevin S. Blair acquired 4,040 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $49.40 per share, with a total value of $199,576.00. Following the completion of 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 8,040 shares of company stock worth $392,916 in the last 90 days. Corporate insiders own 1.00% of the company's stock.

Synovus Financial Stock Up 1.8%

Synovus Financial stock traded up $0.88 during trading hours on Thursday, hitting $50.91. The stock had a trading volume of 2,832,230 shares, compared to its average volume of 1,638,646. The stock's 50-day moving average price is $51.35 and its 200-day moving average price is $48.42. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. 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 stock has a market capitalization of $7.07 billion, a P/E ratio of 9.77, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data 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 net margin of 21.52% and a return on equity of 16.20%. The company had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. During the same period in the previous year, the business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

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

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.