Synovus Financial Corp. $SNV Stake Lifted by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC increased its stake in Synovus Financial Corp. by 393.8% in the first quarter, now owning approximately 0.28% of the company, valued at $18.4 million.
• Synovus Financial reported quarterly earnings of $1.48 EPS, surpassing estimates by $0.23 and generating revenues of $592.08 million.
• The company announced a quarterly dividend of $0.39 per share, with a 3.1% dividend yield, reflecting a payout ratio of 29.94%.

MetLife Investment Management LLC increased its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 393.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 394,468 shares of the bank's stock after acquiring an additional 314,576 shares during the period. MetLife Investment Management LLC owned approximately 0.28% of Synovus Financial worth $18,437,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tidal Investments LLC bought a new stake in shares of Synovus Financial in the 4th quarter worth approximately $222,000. Cerity Partners LLC raised its holdings in shares of Synovus Financial by 50.9% in the 1st quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock worth $1,116,000 after purchasing an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Synovus Financial in the 1st quarter worth approximately $251,000. First Citizens Bank & Trust Co. raised its holdings in shares of Synovus Financial by 32.8% in the 1st quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after purchasing an additional 5,717 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC bought a new stake in shares of Synovus Financial in the 1st quarter worth approximately $237,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Performance

SNV stock opened at $50.70 on Monday. 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 company has a market capitalization of $7.04 billion, a price-to-earnings ratio of 9.73, a P/E/G ratio of 0.86 and a beta of 1.21. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The firm has a 50 day moving average of $51.16 and a two-hundred day moving average of $48.42.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its 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. The company had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same period in the previous year, the firm posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's dividend payout ratio is currently 29.94%.

Analyst Ratings Changes

A number of research firms have recently issued reports on SNV. 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 report 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 report on Tuesday, July 29th. Wells Fargo & Company restated an "equal weight" rating and set a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating and cut their price target for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Finally, Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Ten analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $59.94.

Insider Activity

In other news, CEO Kevin S. Blair acquired 4,040 shares of the firm's stock in a transaction that occurred on 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 acquisition, the chief executive officer owned 164,378 shares in the company, valued at approximately $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diana M. Murphy acquired 1,000 shares of the firm'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 owned 40,171 shares in the company, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 8,040 shares of company stock valued at $392,916 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.