Northern Trust Corp Sells 39,350 Shares of Synovus Financial Corp. $SNV

Key Points

• Northern Trust Corp reduced its stake in Synovus Financial by 2.9%, owning 1,340,748 shares worth approximately $62.67 million as of the end of the first quarter.
• Synovus Financial reported $1.48 EPS for the recent quarter, beating estimates and achieving a revenue of $592.08 million, with a notable return on equity of 16.20%.
• The company recently announced a quarterly dividend of $0.39 per share, translating to a dividend yield of 3.0% and a payout ratio of 29.94%.

Northern Trust Corp reduced its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 2.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,340,748 shares of the bank's stock after selling 39,350 shares during the quarter. Northern Trust Corp owned approximately 0.96% of Synovus Financial worth $62,667,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Colonial Trust Co SC boosted its stake in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after acquiring an additional 499 shares during the period. Spectrum Wealth Counsel LLC bought a new position in shares of Synovus Financial during the first quarter worth approximately $70,000. Brooklyn Investment Group increased its stake in shares of Synovus Financial by 39.1% during the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after purchasing an additional 439 shares during the period. Quent Capital LLC increased its stake 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 worth $84,000 after purchasing an additional 1,209 shares during the period. Finally, UMB Bank n.a. increased its stake 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 worth $85,000 after purchasing an additional 1,063 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

SNV traded up $0.68 during trading on Friday, hitting $51.54. 2,319,127 shares of the stock traded hands, compared to its average volume of 1,865,714. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The company has a market cap of $7.15 billion, a price-to-earnings ratio of 9.89, a PEG ratio of 0.87 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The business has a 50 day moving average price of $51.46 and a 200 day moving average price of $48.32.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter in the previous year, the firm posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Equities research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

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

Insider Activity at Synovus Financial

In related news, CFO Andrew J. Jr. Gregory bought 2,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were purchased 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 owned 58,220 shares in the company, valued at $2,846,958. This represents a 3.56% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gregory G. Montana bought 1,000 shares of the firm's stock in a transaction 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 purchase, the director owned 4,341 shares of the company's stock, valued at approximately $202,898.34. The trade was a 29.93% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 8,040 shares of company stock worth $392,916. Corporate insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SNV shares. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Jefferies Financial Group assumed coverage on Synovus Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $55.00 target price on the stock. Barclays cut their price target on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. JPMorgan Chase & Co. boosted their price target on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Truist Financial boosted their price target on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Ten investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.