Synovus Financial Corp. (NYSE:SNV) CFO Buys $97,800.00 in Stock

Key Points

• Synovus Financial Corp. CFO Andrew J. Jr. Gregory purchased 2,000 shares at an average cost of $48.90, increasing his ownership by 3.56% to a total of 58,220 shares.
• The company reported $1.48 earnings per share for the last quarter, exceeding estimates and showing growth from $1.16 EPS in the same quarter last year.
• A quarterly dividend of $0.39 per share was recently paid, which represents a 3.17% yield with a payout ratio of 29.94%.

Synovus Financial Corp. (NYSE:SNV - Get Free Report) CFO Andrew J. Jr. Gregory acquired 2,000 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average price of $48.90 per share, with a total value of $97,800.00. Following the transaction, the chief financial officer directly owned 58,220 shares in the company, valued at approximately $2,846,958. This trade represents a 3.56% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded down $0.69 during trading on Friday, hitting $46.55. The stock had a trading volume of 3,396,359 shares, compared to its average volume of 3,087,829. 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 $6.47 billion, a P/E ratio of 8.93, a PEG ratio of 0.80 and a beta of 1.21. The business has a fifty day moving average of $50.97 and a two-hundred day moving average of $49.22. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The company had revenue of $592.08 million for 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 in the previous year, the firm earned $1.16 earnings per share. On average, sell-side analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.4%. Synovus Financial's payout ratio is 29.94%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SNV. Royal Bank Of Canada reduced their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. DA Davidson boosted their price target on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Keefe, Bruyette & Woods upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $58.00 to $65.00 in a research report on Friday, July 18th. Finally, Truist Financial boosted their price target on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $60.78.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently modified their holdings of SNV. Colonial Trust Co SC raised its position in shares of Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after purchasing an additional 499 shares during the period. Armstrong Advisory Group Inc. acquired a new stake in shares of Synovus Financial during the second quarter worth $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Synovus Financial during the first quarter worth $47,000. IFP Advisors Inc raised its position in shares of Synovus Financial by 650.4% during the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock worth $60,000 after purchasing an additional 917 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of Synovus Financial during the second quarter worth $60,000. 83.85% of the stock is owned by institutional investors and hedge funds.

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.