Insider Buying: Synovus Financial Corp. (NYSE:SNV) Director Acquires 1,000 Shares of Stock

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 stock in a transaction dated Thursday, July 31st. The stock was acquired at an average price of $46.74 per share, with a total value of $46,740.00. Following the completion of the acquisition, the director owned 4,341 shares in the company, valued at approximately $202,898.34. The trade was a 29.93% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Synovus Financial Stock Performance

NYSE SNV traded up $0.46 on Tuesday, reaching $47.40. 577,060 shares of the stock were exchanged, compared to its average volume of 1,620,142. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The firm has a market capitalization of $6.59 billion, a PE ratio of 9.10, a PEG ratio of 0.79 and a beta of 1.21. The company's 50-day simple moving average is $50.97 and its two-hundred day simple moving average is $49.09. 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 (NYSE:SNV - Get Free Report) last released its earnings results 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 net margin of 21.52% and a return on equity of 16.20%. The company had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. During the same quarter last year, the business earned $1.16 EPS. 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. Investors of record on Thursday, June 19th were issued a $0.39 dividend. 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 3.3%. Synovus Financial's dividend payout ratio (DPR) is 29.94%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Keefe, Bruyette & Woods upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $58.00 to $65.00 in a research note on Friday, July 18th. Jefferies Financial Group started coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price on the stock. JPMorgan Chase & Co. raised their price target on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, Morgan Stanley raised their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.78.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC boosted its stake in shares of Synovus Financial by 168.2% during the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock valued at $130,546,000 after purchasing an additional 1,791,973 shares during the period. Norges Bank bought a new stake in shares of Synovus Financial in the fourth quarter valued at about $77,209,000. Invesco Ltd. raised its holdings in shares of Synovus Financial by 201.0% in the first quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock valued at $38,363,000 after acquiring an additional 548,092 shares in the last quarter. FMR LLC raised its holdings in shares of Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after acquiring an additional 415,201 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Synovus Financial by 125.5% in the first quarter. Millennium Management LLC now owns 646,098 shares of the bank's stock valued at $30,199,000 after acquiring an additional 359,568 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.