Kevin S. Blair Buys 4,040 Shares of Synovus Financial Corp. (NYSE:SNV) Stock

Key Points

• CEO Kevin S. Blair of Synovus Financial Corp. purchased 4,040 shares of the company's stock for a total of $199,576.00, increasing his ownership by 2.52% to a total of 164,378 shares.
• Synovus Financial reported quarterly earnings of $1.48 per share, surpassing analyst expectations of $1.25, while achieving a net margin of 21.52% and revenue of $592.08 million.
• The company announced a quarterly dividend of $0.39 per share, which translates to an annual dividend of $1.56 and a yield of 3.17%.

Synovus Financial Corp. (NYSE:SNV - Get Free Report) CEO Kevin S. Blair purchased 4,040 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the acquisition, the chief executive officer owned 164,378 shares in the company, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Synovus Financial Stock Down 1.5%

Shares of Synovus Financial stock traded down $0.69 on Friday, reaching $46.55. 3,396,359 shares of the company were exchanged, compared to its average volume of 3,087,829. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06. The company has a market cap of $6.47 billion, a P/E ratio of 8.93, a price-to-earnings-growth 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 stock's 50 day moving average price is $50.97 and its 200-day moving average price 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. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. The business had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same period in the previous year, the company posted $1.16 earnings per share. As a group, equities analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current 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 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 currently 29.94%.

Wall Street Analyst Weigh In

SNV has been the topic of several research analyst reports. Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Royal Bank Of Canada reduced their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. DA Davidson boosted their price objective on shares of Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a report on Friday, July 18th. Stephens reduced their price objective on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a report on Tuesday. Finally, Keefe, Bruyette & Woods upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $58.00 to $65.00 in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $60.78.

Hedge Funds Weigh In On Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Colonial Trust Co SC grew 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 buying an additional 499 shares in the last quarter. Armstrong Advisory Group Inc. acquired a new position in Synovus Financial in the second quarter valued at approximately $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Synovus Financial in the first quarter valued at approximately $47,000. IFP Advisors Inc boosted its holdings in Synovus Financial by 650.4% in the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock valued at $60,000 after purchasing an additional 917 shares in the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new position in Synovus Financial in the second quarter valued at approximately $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.