XTX Topco Ltd Buys 21,268 Shares of 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 boosted its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 129.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,757 shares of the bank's stock after acquiring an additional 21,268 shares during the quarter. 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 bought and sold shares of the company. Colonial Trust Co SC increased its holdings in shares of Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after purchasing an additional 499 shares during the period. Spectrum Wealth Counsel LLC bought a new stake in Synovus Financial during the first quarter worth approximately $70,000. Quent Capital LLC boosted its position in Synovus Financial by 205.6% during the first quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock worth $84,000 after purchasing an additional 1,209 shares during the period. UMB Bank n.a. lifted its holdings in shares of Synovus Financial by 142.3% during the first quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after buying an additional 1,063 shares during the last quarter. Finally, Safe Harbor Fiduciary LLC acquired a new position in shares of Synovus Financial during the fourth quarter worth approximately $102,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

Shares of NYSE:SNV traded down $0.69 during midday trading on Friday, reaching $46.55. The company's stock had a trading volume of 3,396,359 shares, compared to its average volume of 3,087,829. 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 market capitalization of $6.47 billion, a P/E ratio of 8.93, a P/E/G ratio of 0.80 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. The business's fifty day simple moving average is $50.97 and its 200-day simple moving average is $49.22.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. During the same period last year, the company earned $1.16 earnings per share. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is presently 29.94%.

Insider Transactions at Synovus Financial

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

Analysts Set New Price Targets

A number of research analysts recently commented on SNV shares. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. DA Davidson upped their target price on Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $58.00 to $65.00 in a research note on Friday, July 18th. JPMorgan Chase & Co. increased 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. Finally, Stephens dropped their price objective on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a research note on Tuesday. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target 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.