Synovus Financial Corp. $SNV Shares Purchased by AM Investment Strategies LLC

Key Points

• AM Investment Strategies LLC increased its stake in Synovus Financial Corp. by 27.2%, acquiring a total of 24,112 shares valued at approximately $1.25 million.
• The bank reported earnings of $1.48 per share for the quarter, exceeding analysts' expectations of $1.25, and had revenues of $592.08 million.
• Synovus Financial announced a quarterly dividend of $0.39 per share, set to be paid on October 1, representing an annualized yield of 3.1%.

AM Investment Strategies LLC increased its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 27.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,112 shares of the bank's stock after purchasing an additional 5,159 shares during the period. AM Investment Strategies LLC's holdings in Synovus Financial were worth $1,247,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Counterpoint Mutual Funds LLC acquired a new position in shares of Synovus Financial during the second quarter worth $322,000. MFA Wealth Advisors LLC grew its stake in shares of Synovus Financial by 4.2% during the second quarter. MFA Wealth Advisors LLC now owns 8,066 shares of the bank's stock worth $417,000 after purchasing an additional 326 shares in the last quarter. Oliver Luxxe Assets LLC grew its stake in shares of Synovus Financial by 27.9% during the second quarter. Oliver Luxxe Assets LLC now owns 50,055 shares of the bank's stock worth $2,590,000 after purchasing an additional 10,922 shares in the last quarter. Armstrong Advisory Group Inc. acquired a new position in shares of Synovus Financial during the second quarter worth $41,000. Finally, Wedge Capital Management L L P NC grew its stake in shares of Synovus Financial by 0.4% during the second quarter. Wedge Capital Management L L P NC now owns 703,947 shares of the bank's stock worth $36,429,000 after purchasing an additional 2,983 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Insider Activity

In other news, CEO Kevin S. Blair purchased 4,040 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost of $49.40 per share, with a total value of $199,576.00. Following the completion of the acquisition, the chief executive officer directly 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Diana M. Murphy purchased 1,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, with a total value of $48,800.00. Following the completion of 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 ownership of the stock. 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.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $49.77 on Wednesday. The company has a 50-day simple moving average of $50.78 and a 200-day simple moving average of $48.26. 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 quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 0.84 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $584.89 million. During the same period in the prior year, the company earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. On average, analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's dividend payout ratio is currently 29.94%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SNV. JPMorgan Chase & Co. boosted their price target on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Barclays reduced their price target on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Raymond James Financial cut shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Truist Financial boosted their price target on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Morgan Stanley boosted their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $58.83.

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.

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