Synovus Financial Corp. (NYSE:SNV) Director Gregory G. Montana Buys 1,000 Shares

Key Points

• Gregory G. Montana, a director at Synovus Financial Corp., has purchased 1,000 shares of the company at an average price of $46.74, increasing his total holdings to 4,341 shares.
• Synovus Financial has recently reported an earnings per share of $1.48, exceeding analysts' expectations of $1.25, and reported a revenue of $592.08 million.
• The company has a strong dividend yield of 3.4%, with a recent quarterly dividend of $0.39 per share announced and paid to stockholders.

Synovus Financial Corp. (NYSE:SNV - Get Free Report) Director Gregory G. Montana acquired 1,000 shares of the business's stock in a transaction on Thursday, July 31st. The shares were bought at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the acquisition, the director owned 4,341 shares in the company, valued at approximately $202,898.34. This trade represents a 29.93% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Synovus Financial Stock Performance

Synovus Financial stock traded down $0.93 during mid-day trading on Friday, reaching $46.31. The company had a trading volume of 2,162,679 shares, compared to its average volume of 1,610,499. The company has a 50 day moving average of $50.98 and a 200-day moving average of $49.27. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The firm has a market cap of $6.44 billion, a price-to-earnings ratio of 8.88, a PEG ratio of 0.81 and a beta of 1.19.

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

Synovus Financial Dividend Announcement

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

Institutional Investors Weigh In On Synovus Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Colonial Trust Co SC grew its position in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after buying an additional 499 shares during the period. Armstrong Advisory Group Inc. acquired a new stake in Synovus Financial during the 2nd quarter worth $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Synovus Financial during the 1st quarter worth $47,000. IFP Advisors Inc raised its position in shares of Synovus Financial by 650.4% during the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock valued at $60,000 after acquiring an additional 917 shares during the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Synovus Financial in the 2nd quarter valued at $60,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SNV shares. DA Davidson lifted their target price on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. lifted their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Morgan Stanley upped their price target on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Stephens reduced 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. Finally, Royal Bank Of Canada dropped their target price on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of "Moderate Buy" and an average target price of $60.78.

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.

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