Versor Investments LP Makes New Investment in Synovus Financial Corp. $SNV

Key Points

• Versor Investments LP has invested approximately $1.07 million in Synovus Financial Corp. by acquiring 22,900 shares during the first quarter.
• Synovus Financial reported earnings of $1.48 per share for the last quarter, surpassing estimates by $0.23, with a revenue of $592.08 million.
• The bank declared a quarterly dividend of $0.39 per share, representing an annualized dividend yield of 3.2%.

Versor Investments LP bought a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 22,900 shares of the bank's stock, valued at approximately $1,070,000.

Several other institutional investors also recently modified their holdings of the business. Algert Global LLC grew its holdings in Synovus Financial by 3.0% during the first quarter. Algert Global LLC now owns 241,979 shares of the bank's stock valued at $11,310,000 after purchasing an additional 7,019 shares during the period. Raymond James Financial Inc. lifted its stake in Synovus Financial by 12.0% in the first quarter. Raymond James Financial Inc. now owns 146,153 shares of the bank's stock valued at $6,831,000 after buying an additional 15,629 shares in the last quarter. Cresset Asset Management LLC lifted its stake in Synovus Financial by 38.8% in the first quarter. Cresset Asset Management LLC now owns 9,383 shares of the bank's stock valued at $442,000 after buying an additional 2,623 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in Synovus Financial during the first quarter worth $988,000. Finally, Sit Investment Associates Inc. boosted its holdings in Synovus Financial by 210.3% during the first quarter. Sit Investment Associates Inc. now owns 17,706 shares of the bank's stock worth $828,000 after purchasing an additional 12,000 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 commented on SNV shares. Morgan Stanley increased their target price 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. Jefferies Financial Group assumed coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price objective on the stock. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Stephens lowered their price target on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Finally, Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Ten research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $59.94.

Synovus Financial Trading Up 3.2%

NYSE:SNV traded up $1.57 during mid-day trading on Friday, hitting $50.70. 2,420,657 shares of the company's stock were exchanged, compared to its average volume of 2,674,255. 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 Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The company has a 50 day simple moving average of $51.16 and a 200-day simple moving average of $48.54. The firm has a market capitalization of $7.04 billion, a P/E ratio of 9.73, a PEG ratio of 0.83 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $584.89 million. During the same quarter last year, the business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

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

Insider Activity at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy purchased 1,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director owned 40,171 shares of the company's stock, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were acquired at an average price of $48.90 per share, with a total value of $97,800.00. Following the purchase, the chief financial officer directly owned 58,220 shares in the company, valued at $2,846,958. This represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 8,040 shares of company stock worth $392,916. 1.00% of the stock is owned by insiders.

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.