Trexquant Investment LP reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 44.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,686 shares of the bank's stock after selling 119,046 shares during the period. Trexquant Investment LP owned 0.11% of Synovus Financial worth $7,090,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. Janney Montgomery Scott LLC lifted its position in shares of Synovus Financial by 0.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock valued at $2,412,000 after buying an additional 249 shares in the last quarter. State of Michigan Retirement System lifted its position in shares of Synovus Financial by 0.9% during the 1st quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock valued at $1,580,000 after buying an additional 300 shares in the last quarter. Greenleaf Trust lifted its position in shares of Synovus Financial by 5.2% during the 1st quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock valued at $300,000 after buying an additional 318 shares in the last quarter. ProShare Advisors LLC lifted its position 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 buying an additional 352 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Synovus Financial by 2.4% during the 1st quarter. US Bancorp DE now owns 15,665 shares of the bank's stock valued at $732,000 after buying an additional 369 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.
Synovus Financial Price Performance
NYSE SNV traded up $0.11 during trading hours on Wednesday, reaching $51.45. The company's stock had a trading volume of 914,255 shares, compared to its average volume of 1,638,040. The firm's 50-day moving average price is $51.51 and its 200-day moving average price is $48.27. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $61.06. The company has a market capitalization of $7.14 billion, a price-to-earnings ratio of 9.87, a PEG ratio of 0.87 and a beta of 1.22.
Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $584.89 million. During the same quarter in the previous year, the company posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, equities research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.
Synovus Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.0%. Synovus Financial's payout ratio is 29.94%.
Insider Transactions at Synovus Financial
In other news, Director Gregory G. Montana acquired 1,000 shares of Synovus Financial stock in a transaction on Thursday, July 31st. The shares were acquired at an average price of $46.74 per share, with a total value of $46,740.00. Following the purchase, the director directly owned 4,341 shares in the company, valued at $202,898.34. The trade was a 29.93% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Diana M. Murphy acquired 1,000 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The stock was purchased at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 8,040 shares of company stock worth $392,916. 1.00% of the stock is owned by insiders.
Analyst Ratings Changes
A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Raymond James Financial cut Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods cut Synovus Financial from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. Stephens lowered their price target on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Finally, Wells Fargo & Company reissued an "equal weight" rating and issued a $58.00 price target (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.83.
Get Our Latest Analysis on Synovus Financial
About Synovus Financial
(
Free Report)
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.
Featured Stories
Before you consider Synovus Financial, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Synovus Financial wasn't on the list.
While Synovus Financial currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
