Synovus Financial Corp. $SNV Shares Acquired by Amundi

Key Points

• Amundi significantly increased its stake in Synovus Financial Corp. by 78,349.2%, acquiring an additional 100,287 shares, bringing its total ownership to about 0.07% of the company, worth approximately $4.69 million.
• Several analysts have adjusted their ratings and price targets for Synovus Financial, with Keefe, Bruyette & Woods reducing its target from $65.00 to $50.00, while DA Davidson increased it from $60.00 to $63.00.
• Synovus Financial recently announced a quarterly dividend of $0.39, which represents an annualized yield of 3.0%, with a payout ratio of 29.94%.

Amundi lifted its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 78,349.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 100,415 shares of the bank's stock after buying an additional 100,287 shares during the quarter. Amundi owned approximately 0.07% of Synovus Financial worth $4,693,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Janney Montgomery Scott LLC grew its position in shares of Synovus Financial by 0.5% during the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after buying an additional 249 shares in the last quarter. State of Michigan Retirement System lifted its stake in Synovus Financial by 0.9% during the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock worth $1,580,000 after purchasing an additional 300 shares during the last quarter. Greenleaf Trust lifted its stake in Synovus Financial by 5.2% during the first quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock worth $300,000 after purchasing an additional 318 shares during the last quarter. ProShare Advisors LLC lifted its stake in Synovus Financial by 5.6% during the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock worth $340,000 after purchasing an additional 352 shares during the last quarter. Finally, US Bancorp DE lifted its stake in Synovus Financial by 2.4% during the first quarter. US Bancorp DE now owns 15,665 shares of the bank's stock worth $732,000 after purchasing an additional 369 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Diana M. Murphy bought 1,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were acquired 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 in the company, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, 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 approximately $2,846,958. This trade represents a 3.56% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 8,040 shares of company stock worth $392,916. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in 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 research note on Tuesday, August 12th. DA Davidson boosted their target price on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Morgan Stanley boosted their target price 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 cut Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday, July 28th. Finally, UBS Group cut Synovus Financial from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Synovus Financial presently has an average rating of "Moderate Buy" and an average price target of $58.83.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $51.42 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The stock has a 50 day moving average of $51.43 and a two-hundred day moving average of $48.20. The stock has a market cap of $7.14 billion, a P/E ratio of 9.87, a P/E/G ratio of 0.86 and a beta of 1.22.

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, beating analysts' consensus estimates of $1.25 by $0.23. The business had revenue of $592.08 million for the quarter, compared to analyst estimates 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 previous year, the company posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. On average, research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.0%. Synovus Financial's payout ratio is presently 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.

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