Synovus Financial Corp. $SNV Shares Purchased by Alliancebernstein L.P.

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. boosted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 67.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 311,528 shares of the bank's stock after buying an additional 124,987 shares during the period. Alliancebernstein L.P. owned approximately 0.22% of Synovus Financial worth $14,561,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. AQR Capital Management LLC raised its holdings in Synovus Financial by 168.2% in the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock valued at $130,546,000 after buying an additional 1,791,973 shares during the period. Silvercrest Asset Management Group LLC raised its holdings in Synovus Financial by 2.3% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after buying an additional 53,286 shares during the period. Bank of New York Mellon Corp raised its holdings in Synovus Financial by 5.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock valued at $73,748,000 after buying an additional 86,694 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in Synovus Financial by 1.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank's stock valued at $41,394,000 after buying an additional 12,036 shares during the period. Finally, Invesco Ltd. raised its holdings in Synovus Financial by 201.0% in the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock valued at $38,363,000 after buying an additional 548,092 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

Shares of Synovus Financial stock opened at $51.79 on Friday. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company has a market cap of $7.19 billion, a PE ratio of 9.94, a P/E/G ratio of 0.86 and a beta of 1.22. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The business has a 50-day simple moving average of $51.36 and a 200-day simple moving average of $48.20.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 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 business had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same period in the previous year, the company posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. On average, equities research 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 will be paid on Wednesday, October 1st. Stockholders 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 dividend yield of 3.0%. Synovus Financial's payout ratio is currently 29.94%.

Analyst Ratings Changes

SNV has been the topic of a number of recent research reports. DA Davidson boosted their price target on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Stephens cut their price target 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. Barclays cut their price target on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Truist Financial boosted their price target 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. Finally, Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. 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 has an average rating of "Moderate Buy" and a consensus target price of $58.83.

Insider Buying and Selling

In related news, CEO Kevin S. Blair acquired 4,040 shares of the stock in a transaction dated Tuesday, July 29th. The stock was acquired 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 in the company, valued at $8,120,273.20. This represents a 2.52% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, with a total value of $97,800.00. Following the completion of the transaction, the chief financial officer owned 58,220 shares of the company's stock, valued at approximately $2,846,958. This 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 valued at $392,916. Corporate insiders own 1.00% of the company's stock.

Synovus Financial Company 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.

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