Alliancebernstein L.P. Has $14.56 Million Stock Holdings in Synovus Financial Corp. $SNV

Key Points

• Alliancebernstein L.P. increased its stake in Synovus Financial Corp. by 67% in the 1st quarter, holding approximately 0.22% of the company valued at $14.56 million.
• Synovus Financial reported an EPS of $1.48 for the last quarter, exceeding analysts' expectations of $1.25, and had a revenue of $592.08 million.
• The company plans to pay a dividend of $0.39 per share on October 1st, with a current dividend yield of 3.0% and a payout ratio of 29.94%.

Alliancebernstein L.P. grew its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 67.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 311,528 shares of the bank's stock after buying an additional 124,987 shares during the quarter. Alliancebernstein L.P. owned about 0.22% of Synovus Financial worth $14,561,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNV. AQR Capital Management LLC raised its position in shares of Synovus Financial by 168.2% during the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock worth $130,546,000 after buying an additional 1,791,973 shares in the last quarter. Invesco Ltd. grew its stake in shares of Synovus Financial by 201.0% in the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock worth $38,363,000 after purchasing an additional 548,092 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Synovus Financial by 393.8% in the 1st quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank's stock worth $18,437,000 after purchasing an additional 314,576 shares during the last quarter. Nuveen LLC acquired a new position in shares of Synovus Financial in the 1st quarter worth approximately $14,294,000. Finally, GAMMA Investing LLC grew its stake in shares of Synovus Financial by 6,328.4% in the 1st quarter. GAMMA Investing LLC now owns 250,900 shares of the bank's stock worth $11,727,000 after purchasing an additional 246,997 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Insider Activity at Synovus Financial

In related news, CEO Kevin S. Blair acquired 4,040 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $49.40 per share, with a total value of $199,576.00. Following the completion of the transaction, the chief executive officer owned 164,378 shares of the company's stock, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory G. Montana acquired 1,000 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average cost of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the transaction, the director directly owned 4,341 shares of the company's stock, valued at $202,898.34. This represents a 29.93% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 8,040 shares of company stock valued at $392,916. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SNV. Morgan Stanley lifted their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. UBS Group cut shares of Synovus Financial from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Truist Financial lifted their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Stephens lowered their price objective on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Nine investment 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 stock has an average rating of "Moderate Buy" and an average price target of $58.83.

Synovus Financial Trading Up 1.7%

Shares of Synovus Financial stock traded up $0.84 during trading on Wednesday, hitting $51.41. The stock had a trading volume of 1,680,666 shares, compared to its average volume of 1,643,695. The stock has a 50 day simple moving average of $51.06 and a 200 day simple moving average of $48.19. The company has a market capitalization of $7.14 billion, a PE ratio of 9.87, a P/E/G ratio of 0.85 and a beta of 1.22. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year 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 for the quarter, topping the consensus estimate of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The business had revenue of $592.08 million for the quarter, compared to the consensus estimate of $584.89 million. During the same period last year, the firm posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. On average, research analysts expect 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 will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a 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.