The Manufacturers Life Insurance Company Has $42.85 Million Stock Holdings in Synovus Financial Corp. $SNV

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Synovus Financial Corp. by 8.6%, selling 86,695 shares, and now holds approximately 0.66% of the company valued at $42.8 million.
• Institutional investors own 83.85% of Synovus Financial's stock, with recent notable changes including a 554.4% increase in Colonial Trust Co SC's position.
• Synovus Financial reported earnings of $1.48 per share for the last quarter, exceeding analysts' estimates, with a recently declared quarterly dividend yielding 3.0%.

The Manufacturers Life Insurance Company lessened its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 8.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 916,707 shares of the bank's stock after selling 86,695 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.66% of Synovus Financial worth $42,847,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Carlson Capital L.P. acquired a new position in Synovus Financial in the first quarter worth about $533,000. Eisler Capital Management Ltd. acquired a new stake in shares of Synovus Financial during the first quarter worth approximately $292,000. Elizabeth Park Capital Advisors Ltd. increased its holdings in shares of Synovus Financial by 50.1% during the first quarter. Elizabeth Park Capital Advisors Ltd. now owns 67,408 shares of the bank's stock worth $3,151,000 after buying an additional 22,508 shares in the last quarter. Ieq Capital LLC increased its holdings in shares of Synovus Financial by 66.9% during the first quarter. Ieq Capital LLC now owns 109,951 shares of the bank's stock worth $5,139,000 after buying an additional 44,084 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new stake in shares of Synovus Financial during the first quarter worth approximately $93,000. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded up $0.11 during midday trading on Wednesday, reaching $51.45. The company had a trading volume of 914,255 shares, compared to its average volume of 1,671,388. 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 company has a market capitalization of $7.14 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22. The stock has a fifty day simple moving average of $51.54 and a 200 day simple moving average of $48.30. 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. The business had revenue of $592.08 million during the quarter, compared to analyst estimates 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 last year, the business posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.0%. Synovus Financial's dividend payout ratio is presently 29.94%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy bought 1,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was purchased 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 of the company's stock, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were acquired at an average cost of $48.90 per share, with a total value of $97,800.00. Following the acquisition, the chief financial officer directly owned 58,220 shares in the company, valued at approximately $2,846,958. This trade represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 8,040 shares of company stock worth $392,916 over the last quarter. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SNV has been the subject of several recent analyst reports. Barclays dropped 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. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley raised their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. UBS Group lowered shares of Synovus Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $63.00 to $56.00 in a report on Tuesday. Finally, Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $58.83.

Synovus Financial Company 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.