Synovus Financial Corp. $SNV Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Synovus Financial by 3.4%, now holding approximately 7.58 million shares valued at around $354 million.
• Despite the reduction by Wellington, other investors such as Janney Montgomery Scott LLC and Greenleaf Trust have increased their positions in Synovus Financial during the same period.
• Synovus Financial recently reported an earnings per share of $1.48, outperforming analyst expectations, and announced a quarterly dividend of $0.39 per share.

Wellington Management Group LLP cut its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 3.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,577,380 shares of the bank's stock after selling 264,131 shares during the quarter. Wellington Management Group LLP owned approximately 5.45% of Synovus Financial worth $354,167,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Brooklyn Investment Group raised its holdings in Synovus Financial by 39.1% in the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank's stock worth $73,000 after purchasing an additional 439 shares in the last quarter. Versor Investments LP bought a new position in Synovus Financial in the first quarter worth about $1,070,000. Algert Global LLC raised its holdings in Synovus Financial by 3.0% in the first quarter. Algert Global LLC now owns 241,979 shares of the bank's stock worth $11,310,000 after purchasing an additional 7,019 shares in the last quarter. Raymond James Financial Inc. raised its holdings in Synovus Financial by 12.0% in the first quarter. Raymond James Financial Inc. now owns 146,153 shares of the bank's stock worth $6,831,000 after purchasing an additional 15,629 shares in the last quarter. Finally, Cresset Asset Management LLC raised its holdings in Synovus Financial by 38.8% in the first quarter. Cresset Asset Management LLC now owns 9,383 shares of the bank's stock worth $442,000 after purchasing an additional 2,623 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. DA Davidson boosted their target price on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating and reduced their target price for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. Barclays decreased their price target on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Finally, Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Ten research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $59.94.

Insider Buying and Selling at Synovus Financial

In related news, Director Gregory G. Montana bought 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average cost of $46.74 per share, with a total value of $46,740.00. Following the completion of the acquisition, the director directly owned 4,341 shares in the company, valued at approximately $202,898.34. The trade was a 29.93% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kevin S. Blair bought 4,040 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the acquisition, the chief executive officer owned 164,378 shares of the company's stock, valued at $8,120,273.20. This trade represents a 2.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,040 shares of company stock worth $392,916 in the last 90 days. Corporate insiders own 1.00% of the company's stock.

Synovus Financial Stock Performance

NYSE:SNV traded down $0.2040 during midday trading on Monday, hitting $50.3860. The company's stock had a trading volume of 195,696 shares, compared to its average volume of 1,619,828. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The firm's 50 day moving average is $51.16 and its 200-day moving average is $48.42. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market cap of $6.99 billion, a P/E ratio of 9.66, a P/E/G ratio of 0.86 and a beta of 1.21.

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, 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 company had revenue of $592.08 million for the quarter, compared to the consensus estimate of $584.89 million. During the same quarter in the prior year, the company earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. Equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

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

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.