TruWealth Advisors LLC Acquires 186,281 Shares of Synovus Financial Corp. $SNV

Key Points

• TruWealth Advisors LLC increased its stake in Synovus Financial Corp. by 70.6%, owning a total of 450,162 shares, which represents approximately 0.32% of the company's value at $23.3 million.
• Multiple large investors, including AQR Capital Management and Invesco Ltd., significantly increased their holdings in Synovus Financial, with many enjoying growth rates over 125% in the past quarter.
• Synovus Financial announced a quarterly dividend of $0.39 per share, resulting in an annual yield of 3.0%, with a payout ratio of 29.94%.

TruWealth Advisors LLC increased its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 70.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 450,162 shares of the bank's stock after purchasing an additional 186,281 shares during the period. Synovus Financial accounts for 1.3% of TruWealth Advisors LLC's holdings, making the stock its 28th biggest holding. TruWealth Advisors LLC owned 0.32% of Synovus Financial worth $23,296,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Synovus Financial during the first quarter worth about $47,000. Spectrum Wealth Counsel LLC purchased a new position in Synovus Financial during the 1st quarter valued at about $70,000. Brooklyn Investment Group boosted its stake in shares of Synovus Financial by 39.1% in the 1st quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock valued at $73,000 after buying an additional 439 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Synovus Financial by 33.3% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock worth $76,000 after purchasing an additional 406 shares during the last quarter. Finally, Quent Capital LLC lifted its stake in Synovus Financial by 205.6% in the first quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock valued at $84,000 after buying an additional 1,209 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Morgan Stanley lifted their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Stephens decreased their price objective 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. Truist Financial boosted their price objective on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Barclays cut their price target on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Finally, DA Davidson raised their price target on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $58.83.

Insiders Place Their Bets

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

Synovus Financial Stock Down 1.5%

Synovus Financial stock traded down $0.76 during mid-day trading on Friday, reaching $51.35. The stock had a trading volume of 547,123 shares, compared to its average volume of 1,632,149. The company has a 50-day moving average price of $51.00 and a two-hundred day moving average price of $48.20. 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 current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 0.86 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.The company had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same period last year, the company earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. On average, 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 will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be issued a $0.39 dividend. The ex-dividend date is Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.0%. 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.