Synovus Financial Corp. $SNV Shares Bought by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. has increased its stake in Synovus Financial Corp. by 1.4%, owning approximately $41.39 million worth of the bank's stock.
• Synovus Financial reported earnings per share of $1.48 for the last quarter, exceeding analysts' expectations of $1.25, along with a net margin of 21.52%.
• The firm recently declared a quarterly dividend of $0.39 per share, reflecting a dividend yield of 3.1% with a payout ratio of about 29.94%.

T. Rowe Price Investment Management Inc. lifted its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 1.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 885,612 shares of the bank's stock after buying an additional 12,036 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 0.64% of Synovus Financial worth $41,394,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SNV. Envestnet Asset Management Inc. raised its stake in shares of Synovus Financial by 14.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 50,705 shares of the bank's stock worth $2,598,000 after buying an additional 6,309 shares during the last quarter. Marshall Wace LLP acquired a new position in Synovus Financial in the 4th quarter valued at about $763,000. MetLife Investment Management LLC raised its stake in Synovus Financial by 7.4% in the 4th quarter. MetLife Investment Management LLC now owns 79,892 shares of the bank's stock valued at $4,093,000 after purchasing an additional 5,487 shares during the last quarter. Hsbc Holdings PLC raised its stake in Synovus Financial by 68.6% in the 4th quarter. Hsbc Holdings PLC now owns 41,393 shares of the bank's stock valued at $2,129,000 after purchasing an additional 16,838 shares during the last quarter. Finally, Pinebridge Investments L.P. raised its stake in Synovus Financial by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 64,164 shares of the bank's stock valued at $3,287,000 after purchasing an additional 19,194 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating and cut their target price for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. DA Davidson boosted their target price on shares of Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Morgan Stanley boosted their target price on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Stephens cut their target price 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, Jefferies Financial Group assumed coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price for the company. Ten equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $59.94.

Synovus Financial Trading Up 1.8%

Shares of NYSE:SNV traded up $0.88 during trading on Thursday, reaching $50.91. 1,560,940 shares of the stock were exchanged, compared to its average volume of 1,629,662. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. The firm has a market cap of $7.07 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The firm's 50-day moving average price is $51.35 and its 200 day moving average price is $48.42.

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

Synovus Financial Dividend Announcement

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

Insider Buying and Selling

In related news, CEO Kevin S. Blair purchased 4,040 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the acquisition, the chief executive officer directly owned 164,378 shares in the company, valued at $8,120,273.20. The trade was a 2.52% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Diana M. Murphy purchased 1,000 shares of the firm'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 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 8,040 shares of company stock worth $392,916 in the last 90 days. 1.00% of the stock is owned by insiders.

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.