Synovus Financial Corp. $SNV Shares Purchased 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 raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 393.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 394,468 shares of the bank's stock after acquiring an additional 314,576 shares during the quarter. MetLife Investment Management LLC owned approximately 0.28% of Synovus Financial worth $18,437,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Colonial Trust Co SC increased its holdings in shares of 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 last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Synovus Financial in the first quarter worth about $47,000. Spectrum Wealth Counsel LLC bought a new stake in shares of Synovus Financial in the first quarter worth about $70,000. Brooklyn Investment Group grew its position in Synovus Financial by 39.1% in the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after acquiring an additional 439 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in Synovus Financial by 33.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock worth $76,000 after acquiring an additional 406 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Synovus Financial news, Director Diana M. Murphy purchased 1,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $48.80 per share, with a total value of $48,800.00. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gregory G. Montana acquired 1,000 shares of the company's stock in a transaction dated 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 completion of the acquisition, the director directly owned 4,341 shares of the company's stock, valued at approximately $202,898.34. The trade was a 29.93% increase in their ownership of the stock. 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. Company insiders own 1.00% of the company's stock.

Synovus Financial Trading Up 1.3%

Shares of NYSE:SNV traded up $0.68 during trading hours on Friday, hitting $51.54. 2,319,127 shares of the company's stock traded hands, compared to its average volume of 1,865,714. The business has a fifty day moving average price of $51.46 and a 200-day moving average price of $48.32. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $61.06. The firm has a market capitalization of $7.15 billion, a P/E ratio of 9.89, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.23. The firm 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 quarter in the previous year, the firm posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Equities analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on SNV. Morgan Stanley lifted their price target on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Barclays dropped their price target on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Truist Financial lifted their price target on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Jefferies Financial Group began coverage on Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target for the company. Ten analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $59.94.

About Synovus Financial

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.