Wellington Management Group LLP Sells 264,131 Shares of Synovus Financial Corp. $SNV

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 reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,577,380 shares of the bank's stock after selling 264,131 shares during the period. Wellington Management Group LLP owned 5.45% of Synovus Financial worth $354,167,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SNV. Silvercrest Asset Management Group LLC raised its stake in shares of Synovus Financial by 2.3% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after acquiring an additional 53,286 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Synovus Financial by 5.8% during the first quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock valued at $73,748,000 after purchasing an additional 86,694 shares during the last quarter. Northern Trust Corp raised its position in shares of Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after purchasing an additional 337,784 shares during the period. AQR Capital Management LLC raised its position in shares of Synovus Financial by 226.5% in the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock valued at $54,573,000 after purchasing an additional 738,983 shares during the period. Finally, Invesco Ltd. raised its position in shares of Synovus Financial by 201.0% in the first quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock valued at $38,363,000 after purchasing an additional 548,092 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Synovus Financial

In related news, CFO Andrew J. Jr. Gregory bought 2,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $48.90 per share, with a total value of $97,800.00. Following the acquisition, the chief financial officer owned 58,220 shares in the company, valued at approximately $2,846,958. This represents a 3.56% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kevin S. Blair bought 4,040 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average cost of $49.40 per share, with a total value of $199,576.00. Following the completion of the acquisition, the chief executive officer owned 164,378 shares in the company, valued at $8,120,273.20. This represents a 2.52% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 8,040 shares of company stock worth $392,916. Insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

SNV has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target on the stock. Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 price objective (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Morgan Stanley lifted their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Ten investment analysts have rated the stock with a Buy rating and eight have issued 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 $59.94.

Synovus Financial Stock Performance

Shares of SNV traded up $1.57 on Friday, reaching $50.70. 2,420,657 shares of the stock traded hands, compared to its average volume of 2,674,255. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of 9.73, a P/E/G ratio of 0.83 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The stock's 50-day moving average price is $51.16 and its 200-day moving average price is $48.54.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.23. The firm had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter in the previous year, the firm posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. Equities analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

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

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.