Jump Financial LLC Grows Stock Position in Synovus Financial Corp. $SNV

Key Points

• Jump Financial LLC increased its stake in Synovus Financial Corp. by 1,294.3% during Q1, acquiring 58,244 additional shares, bringing its total to 62,744 shares valued at approximately $2.93 million.
• Several large investors, including AQR Capital Management and Invesco Ltd., have significantly increased their holdings, indicating strong institutional interest in Synovus Financial.
• Despite recent analyst downgrade, Synovus Financial currently holds a consensus rating of "Moderate Buy" with a target price of $59.94.

Jump Financial LLC lifted its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 1,294.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 62,744 shares of the bank's stock after purchasing an additional 58,244 shares during the period. Jump Financial LLC's holdings in Synovus Financial were worth $2,933,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Colonial Trust Co SC grew its holdings in shares of Synovus Financial by 554.4% in the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after purchasing an additional 499 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Synovus Financial in the first quarter valued at $47,000. Spectrum Wealth Counsel LLC bought a new stake in Synovus Financial in the first quarter valued at $70,000. Brooklyn Investment Group boosted its holdings in Synovus Financial by 39.1% in the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock valued at $73,000 after acquiring an additional 439 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Synovus Financial by 33.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock valued at $76,000 after acquiring an additional 406 shares in the last quarter. Institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Performance

NYSE:SNV traded up $0.68 during mid-day trading on Friday, reaching $51.54. The company's stock had a trading volume of 2,319,127 shares, compared to its average volume of 1,865,714. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. The firm's fifty day moving average price is $51.46 and its two-hundred day moving average price is $48.32. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a market cap of $7.15 billion, a P/E ratio of 9.89, a PEG ratio of 0.87 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly 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 during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same period in the previous year, the company posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were paid a dividend of $0.39 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.0%. Synovus Financial's payout ratio is 29.94%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SNV shares. Jefferies Financial Group started coverage on shares of Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target on the stock. DA Davidson raised their price objective on Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Stephens lowered 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. Finally, JPMorgan Chase & Co. raised their price objective on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Ten analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.94.

Insider Buying and Selling

In related news, Director Gregory G. Montana acquired 1,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $46.74 per share, for a total transaction of $46,740.00. Following the purchase, the director owned 4,341 shares in the company, valued at $202,898.34. The trade was a 29.93% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $48.90 per share, with a total value of $97,800.00. Following the completion of the purchase, the chief financial officer directly owned 58,220 shares in the company, valued at $2,846,958. This trade represents a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 8,040 shares of company stock valued at $392,916. Insiders own 1.00% of the company's stock.

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.