Synovus Financial Corp. $SNV Shares Acquired by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its stake in Synovus Financial Corp. by 152.1% during the first quarter, acquiring an additional 69,129 shares for a total ownership of 114,564 shares worth approximately $5.35 million.
• Synovus Financial reported earnings of $1.48 per share for the last quarter, exceeding analyst expectations, with a revenue of $592.08 million, compared to expectations of $584.89 million.
• The company announced a quarterly dividend of $0.39 per share, representing an annualized dividend yield of 3.0%, with a payout ratio of 29.94%.

Voya Investment Management LLC grew its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 152.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 114,564 shares of the bank's stock after purchasing an additional 69,129 shares during the quarter. Voya Investment Management LLC owned about 0.08% of Synovus Financial worth $5,355,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Synovus Financial during the 1st quarter worth approximately $47,000. Spectrum Wealth Counsel LLC bought a new stake in shares of Synovus Financial during the 1st quarter valued at $70,000. Brooklyn Investment Group lifted its position in shares of Synovus Financial by 39.1% during the 1st quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock valued at $73,000 after acquiring an additional 439 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Synovus Financial by 33.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank's stock valued at $76,000 after acquiring an additional 406 shares during the period. Finally, Quent Capital LLC lifted its position in shares of Synovus Financial by 205.6% during the 1st 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. Institutional investors and hedge funds own 83.85% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SNV shares. Raymond James Financial cut Synovus Financial from a "moderate buy" rating to a "hold" rating in a 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. JPMorgan Chase & Co. upped their target price on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Barclays cut their price target on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Finally, Morgan Stanley increased their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $58.83.

Insider Activity

In related news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $48.90 per share, with a total value of $97,800.00. Following the completion of the acquisition, the chief financial officer directly owned 58,220 shares of the company's stock, valued at approximately $2,846,958. The trade was a 3.56% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gregory G. Montana purchased 1,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was 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 $202,898.34. This represents a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 8,040 shares of company stock valued at $392,916 over the last ninety days. 1.00% of the stock is owned by company insiders.

Synovus Financial Price Performance

SNV traded down $1.18 during midday trading on Friday, reaching $50.93. 2,699,651 shares of the company's stock were exchanged, compared to its average volume of 1,675,292. The business's 50-day moving average price is $50.93 and its 200 day moving average price is $48.22. 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 stock has a market capitalization of $7.07 billion, a PE ratio of 9.78, a P/E/G ratio of 0.86 and a beta of 1.22. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06.

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 during the quarter, compared to analyst estimates of $584.89 million. During the same quarter in the prior year, the business 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 announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th will be paid a $0.39 dividend. The ex-dividend date is Thursday, September 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. Synovus Financial's dividend payout ratio is 29.94%.

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.