United Services Automobile Association Acquires New Shares in Synovus Financial Corp. $SNV

Key Points

• United Services Automobile Association acquired 9,117 shares of Synovus Financial Corp. for approximately $421,000 during the first quarter, adding to a trend where several hedge funds have significantly increased their stakes in the bank.
• The CEO, Kevin S. Blair, and Director Diana M. Murphy both recently purchased shares, indicating insider confidence, with Blair increasing his ownership by 2.52% and Murphy by 2.55%.
• Analysts are optimistic about Synovus Financial's stock, with many adjusting their price targets upward, placing the average target at $58.83 amid positive earnings performance and a recent dividend announcement.

United Services Automobile Association bought a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 9,117 shares of the bank's stock, valued at approximately $421,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Cetera Investment Advisers boosted its holdings in Synovus Financial by 27.5% during the fourth quarter. Cetera Investment Advisers now owns 6,985 shares of the bank's stock valued at $358,000 after purchasing an additional 1,505 shares in the last quarter. Ethic Inc. boosted its holdings in Synovus Financial by 26.7% during the fourth quarter. Ethic Inc. now owns 6,605 shares of the bank's stock valued at $338,000 after purchasing an additional 1,392 shares in the last quarter. Focus Partners Wealth boosted its holdings in Synovus Financial by 23.1% during the fourth quarter. Focus Partners Wealth now owns 15,447 shares of the bank's stock valued at $791,000 after purchasing an additional 2,901 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in Synovus Financial during the fourth quarter valued at approximately $1,780,000. Finally, Nomura Holdings Inc. acquired a new stake in Synovus Financial during the fourth quarter valued at approximately $963,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Trading Down 0.1%

Shares of SNV traded down $0.04 on Friday, reaching $51.75. 1,629,006 shares of the company's stock were exchanged, compared to its average volume of 1,579,399. The business has a 50 day moving average price of $51.29 and a two-hundred day moving average price of $48.16. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The stock has a market capitalization of $7.18 billion, a P/E ratio of 9.93, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $584.89 million. During the same period last year, the firm earned $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $1.56 annualized dividend and a yield of 3.0%. Synovus Financial's dividend payout ratio is presently 29.94%.

Insider Buying and Selling

In related news, CEO Kevin S. Blair bought 4,040 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price of $49.40 per share, with a total value of $199,576.00. Following the completion of the purchase, the chief executive officer owned 164,378 shares of the company's stock, valued at $8,120,273.20. This represents a 2.52% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Diana M. Murphy bought 1,000 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was bought at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director directly owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 8,040 shares of company stock worth $392,916. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SNV shares. Truist Financial lifted their price objective on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Barclays reduced their target price on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. JPMorgan Chase & Co. boosted their target price on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Stephens reduced their target price 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, Raymond James Financial downgraded Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $58.83.

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.