Versor Investments LP Purchases New Position 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 shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 22,900 shares of the bank's stock, valued at approximately $1,070,000.

A number of other institutional investors have also modified their holdings of the company. Colonial Trust Co SC lifted its position in Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after acquiring an additional 499 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in Synovus Financial during the 1st quarter worth approximately $70,000. Quent Capital LLC lifted its position in Synovus Financial by 205.6% during the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock worth $84,000 after acquiring an additional 1,209 shares in the last quarter. UMB Bank n.a. lifted its position in Synovus Financial by 142.3% during the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after acquiring an additional 1,063 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC acquired a new position in Synovus Financial during the 4th quarter worth approximately $102,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Performance

NYSE SNV traded down $0.2750 during trading hours on Thursday, hitting $49.1250. The company had a trading volume of 1,310,245 shares, compared to its average volume of 1,623,888. 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 quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The business has a fifty day simple moving average of $51.07 and a 200-day simple moving average of $48.61. The firm has a market cap of $6.82 billion, a P/E ratio of 9.43, a price-to-earnings-growth ratio of 0.84 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 return on equity of 16.20% and a net margin of 21.52%.The company had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. During the same quarter in the prior year, the business posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were given a $0.39 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.2%. Synovus Financial's dividend payout ratio (DPR) is 29.94%.

Wall Street Analysts Forecast Growth

SNV has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price target on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Truist Financial upped their target price on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Raymond James Financial lowered Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Finally, Morgan Stanley upped their target price on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Ten research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $59.94.

Insider Buying and Selling

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

About Synovus Financial

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.