Synovus Financial Corp. $SNV Holdings Decreased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP reduced its stake in Synovus Financial Corp. by 12.7%, selling 622,959 shares to hold approximately 4.28 million shares, valued at $200 million.
• JPMorgan Chase & Co. and other analysts have raised their price targets for Synovus Financial, with JPMorgan increasing it from $50.00 to $60.00, while maintaining an "overweight" rating.
• Synovus Financial recently paid a quarterly dividend of $0.39 per share, resulting in an annualized yield of 3.1% and a payout ratio of approximately 29.94%.

Dimensional Fund Advisors LP lessened its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,279,477 shares of the bank's stock after selling 622,959 shares during the quarter. Dimensional Fund Advisors LP owned approximately 3.08% of Synovus Financial worth $200,010,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Colonial Trust Co SC boosted its holdings in 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 period. Spectrum Wealth Counsel LLC acquired a new position in shares of Synovus Financial during the first quarter valued at $70,000. Quent Capital LLC boosted its holdings in shares of Synovus Financial by 205.6% during the first quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock valued at $84,000 after acquiring an additional 1,209 shares during the period. UMB Bank n.a. boosted its holdings in shares of Synovus Financial by 142.3% during the first quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock valued at $85,000 after acquiring an additional 1,063 shares during the period. Finally, Safe Harbor Fiduciary LLC acquired a new position in shares of Synovus Financial during the fourth quarter valued at $102,000. Institutional investors and hedge funds own 83.85% of the company's stock.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CEO Kevin S. Blair purchased 4,040 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $49.40 per share, for a total transaction 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. The trade was a 2.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Diana M. Murphy acquired 1,000 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the acquisition, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 8,040 shares of company stock valued at $392,916 in the last ninety days. 1.00% of the stock is owned by insiders.

Synovus Financial Price Performance

Synovus Financial stock traded up $1.57 during midday trading on Friday, hitting $50.70. The company's stock had a trading volume of 2,420,657 shares, compared to its average volume of 2,183,634. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock's 50-day moving average price is $51.16 and its 200-day moving average price is $48.42. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The company has a market capitalization of $7.04 billion, a PE ratio of 9.73, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS 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 firm had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. During the same period in the previous year, the business earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were given a $0.39 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 annualized dividend and a yield of 3.1%. Synovus Financial's payout ratio is 29.94%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SNV shares. 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 report on Monday, July 28th. Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Stephens cut 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. Jefferies Financial Group assumed coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $55.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Ten equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $59.94.

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.