XTX Topco Ltd Increases Stake in Synovus Financial Corp. (NYSE:SNV)

Key Points

• XTX Topco Ltd increased its stake in Synovus Financial Corp. by 129%, acquiring an additional 21,268 shares to hold a total of 37,757 shares valued at approximately $1,765,000.
• Synovus Financial reported $1.48 earnings per share, surpassing analysts' estimates, with total revenue of $592.08 million in its latest quarterly earnings.
• The company announced a quarterly dividend of $0.39 per share, yielding 3.26%, with a payout ratio of 29.94%.

XTX Topco Ltd raised its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 129.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 37,757 shares of the bank's stock after buying an additional 21,268 shares during the period. XTX Topco Ltd's holdings in Synovus Financial were worth $1,765,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tidal Investments LLC bought a new stake in shares of Synovus Financial during the 4th quarter valued at $222,000. Cerity Partners LLC increased its position in Synovus Financial by 50.9% in the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock worth $1,116,000 after buying an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Synovus Financial in the first quarter worth about $251,000. First Citizens Bank & Trust Co. raised its stake in shares of Synovus Financial by 32.8% in the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after buying an additional 5,717 shares during the period. Finally, Jackson Creek Investment Advisors LLC purchased a new position in shares of Synovus Financial during the 1st quarter valued at about $237,000. 83.85% of the stock is owned by institutional investors.

Insider Activity at Synovus Financial

In other news, Director Gregory G. Montana bought 1,000 shares of the business'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 transaction, 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $48.90 per share, with a total value of $97,800.00. Following the transaction, the chief financial officer owned 58,220 shares in the company, valued at $2,846,958. This trade represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by corporate insiders.

Synovus Financial Stock Up 0.4%

Shares of NYSE:SNV traded up $0.20 during trading on Monday, reaching $46.75. The stock had a trading volume of 1,833,300 shares, compared to its average volume of 1,620,263. The firm's 50-day simple moving average is $50.97 and its 200 day simple moving average is $49.14. 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 one year low of $35.94 and a one year high of $61.06. The company has a market capitalization of $6.50 billion, a P/E ratio of 8.97, a PEG ratio of 0.79 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. The firm had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. During the same quarter last year, the firm earned $1.16 EPS. As a group, research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal 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 dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's payout ratio is presently 29.94%.

Analyst Ratings Changes

A number of equities research analysts have commented on SNV shares. Royal Bank Of Canada decreased their target price on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Keefe, Bruyette & Woods upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $58.00 to $65.00 in a research report on Friday, July 18th. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. DA Davidson raised their price target on Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Jefferies Financial Group began coverage on Synovus Financial in a research note on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Synovus Financial presently has an average rating of "Moderate Buy" and an average target price of $60.78.

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.