Synovus Financial Corp Has $249.17 Million Stock Position in Synovus Financial Corp. $SNV

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 reduced its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 0.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,330,889 shares of the bank's stock after selling 13,532 shares during the quarter. Synovus Financial makes up about 3.2% of Synovus Financial Corp's investment portfolio, making the stock its 5th largest holding. Synovus Financial Corp owned approximately 3.83% of Synovus Financial worth $249,166,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Tidal Investments LLC bought a new position 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 purchasing an additional 8,059 shares during the period. Envestnet Portfolio Solutions Inc. bought a new position in shares of Synovus Financial in the first quarter worth approximately $251,000. First Citizens Bank & Trust Co. boosted its position in shares of Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after acquiring an additional 5,717 shares during the last quarter. Finally, Jackson Creek Investment Advisors LLC bought a new position in shares of Synovus Financial during the first quarter worth $237,000. 83.85% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Andrew J. Jr. Gregory bought 2,000 shares of the stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, the chief financial officer owned 58,220 shares of the company's stock, valued at $2,846,958. The trade was a 3.56% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Diana M. Murphy acquired 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average price of $48.80 per share, with a total value of $48,800.00. Following the acquisition, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. This represents a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 8,040 shares of company stock worth $392,916 over the last 90 days. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price 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. Stephens dropped their target price on shares of 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. Wells Fargo & Company restated an "equal weight" rating and set a $58.00 target price (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Jefferies Financial Group assumed coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 target price for the company. Finally, Keefe, Bruyette & Woods lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating and dropped their target price for the stock 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's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $59.94.

Synovus Financial Trading Up 1.0%

Shares of Synovus Financial stock traded up $0.51 during trading on Friday, hitting $51.37. The stock had a trading volume of 743,287 shares, compared to its average volume of 1,632,952. The firm's fifty day simple moving average is $51.41 and its 200-day simple moving average is $48.39. The stock has a market cap of $7.13 billion, a PE ratio of 9.87, a PEG ratio of 0.85 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month 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 (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter last year, the business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company 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. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is 29.94%.

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.