T. Rowe Price Investment Management Inc. Has $41.39 Million Position in Synovus Financial Corp. $SNV

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. increased its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 1.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 0.64% of Synovus Financial worth $41,394,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Envestnet Asset Management Inc. raised its position in Synovus Financial by 14.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 50,705 shares of the bank's stock valued at $2,598,000 after purchasing an additional 6,309 shares during the last quarter. Marshall Wace LLP bought a new position in Synovus Financial in the 4th quarter valued at $763,000. MetLife Investment Management LLC raised its position 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 position 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 position 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 own 83.85% of the company's stock.

Wall Street Analyst Weigh In

SNV has been the subject of a number of recent research reports. Raymond James Financial downgraded Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. DA Davidson lifted their price objective on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. boosted their target price on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Morgan Stanley upped their price objective 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. Ten analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Synovus Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.94.

Insider Transactions at Synovus Financial

In related news, CEO Kevin S. Blair acquired 4,040 shares of the stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the purchase, the chief executive officer directly owned 164,378 shares in the company, valued at approximately $8,120,273.20. The trade was a 2.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the purchase, the chief financial officer owned 58,220 shares in the company, valued at approximately $2,846,958. This trade represents a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,040 shares of company stock worth $392,916 in the last ninety days. 1.00% of the stock is currently owned by company insiders.

Synovus Financial Stock Performance

NYSE:SNV traded up $0.41 on Friday, hitting $51.27. The company's stock had a trading volume of 477,027 shares, compared to its average volume of 1,631,267. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a fifty day moving average of $51.41 and a two-hundred day moving average of $48.39. The firm has a market capitalization of $7.12 billion, a P/E ratio of 9.84, a price-to-earnings-growth ratio of 0.85 and a beta of 1.21. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06.

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

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a dividend of $0.39 per share. The ex-dividend date 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 (DPR) is 29.94%.

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.