Voya Investment Management LLC Boosts Stock Holdings in Synovus Financial Corp. $SNV

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

Several other large investors have also added to or reduced their stakes in SNV. Cetera Investment Advisers lifted its position in shares of Synovus Financial by 27.5% during the 4th quarter. Cetera Investment Advisers now owns 6,985 shares of the bank's stock worth $358,000 after buying an additional 1,505 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Synovus Financial by 5.6% during the 4th quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock valued at $340,000 after purchasing an additional 352 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Synovus Financial during the fourth quarter valued at about $1,882,000. Tidal Investments LLC purchased a new stake in Synovus Financial in the 4th quarter worth approximately $222,000. Finally, Two Sigma Investments LP boosted its stake in Synovus Financial by 44.9% during the fourth quarter. Two Sigma Investments LP now owns 52,883 shares of the bank's stock valued at $2,709,000 after buying an additional 16,392 shares during the period. Institutional investors own 83.85% of the company's stock.

Insider Activity at Synovus Financial

In other Synovus Financial news, CEO Kevin S. Blair bought 4,040 shares of the stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $49.40 per share, with a total value of $199,576.00. Following the purchase, the chief executive officer directly owned 164,378 shares in the company, valued at $8,120,273.20. This trade represents a 2.52% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Diana M. Murphy bought 1,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was bought at an average price 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 represents a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 8,040 shares of company stock valued at $392,916. 1.00% of the stock is owned by corporate insiders.

Synovus Financial Price Performance

SNV stock traded down $1.18 during trading on Friday, hitting $50.93. 2,699,651 shares of the company's stock traded hands, compared to its average volume of 1,675,292. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 9.78, a P/E/G ratio of 0.87 and a beta of 1.22. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The business has a fifty day simple moving average of $50.93 and a 200 day simple moving average of $48.22.

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. 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 the consensus estimate of $584.89 million. 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. As a group, research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm 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 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 is Thursday, September 18th. Synovus Financial's dividend payout ratio is presently 29.94%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SNV shares. Barclays lowered their price objective 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. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. DA Davidson lifted their price objective on Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Stephens decreased their price target on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Finally, UBS Group cut Synovus Financial from a "buy" rating to a "neutral" rating and cut their target price for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $58.83.

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.