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

Key Points

• Diana M. Murphy, director of Synovus Financial Corp., purchased 1,000 shares at $48.80 each, increasing her total ownership in the company to 40,171 shares.
• The company reported an earnings per share (EPS) of $1.48 for the last quarter, exceeding estimates and marking a significant increase from the previous year's EPS of $1.16.
• Synovus Financial recently declared a quarterly dividend of $0.39 per share, yielding an annualized rate of 3.17%, with a payout ratio of 29.94%.

Synovus Financial Corp. (NYSE:SNV - Get Free Report) Director Diana M. Murphy bought 1,000 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the acquisition, the director owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. This represents a 2.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded down $0.69 during trading on Friday, reaching $46.55. 3,396,359 shares of the stock were exchanged, compared to its average volume of 3,087,829. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The firm has a market cap of $6.47 billion, a PE ratio of 8.93, a PEG ratio of 0.80 and a beta of 1.21. The stock has a 50-day moving average price of $50.97 and a 200-day moving average price of $49.22. 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 issued its quarterly earnings data 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. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. The company had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. During the same quarter in the previous year, the company posted $1.16 earnings per share. Research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SNV. Wells Fargo & Company restated an "equal weight" rating and issued a $58.00 price target (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Truist Financial boosted their price target on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. JPMorgan Chase & Co. boosted their price target on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Stephens lowered their target price on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Finally, Jefferies Financial Group assumed coverage on Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.78.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently made changes to their positions in the company. Tidal Investments LLC bought a new stake in shares of Synovus Financial during the fourth quarter worth approximately $222,000. Cerity Partners LLC boosted its stake in shares of Synovus Financial by 50.9% in the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock valued at $1,116,000 after buying an additional 8,059 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Synovus Financial in the first quarter valued at approximately $251,000. First Citizens Bank & Trust Co. boosted its stake in shares of Synovus Financial by 32.8% in the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock valued at $1,081,000 after buying an additional 5,717 shares during the period. Finally, Tradewinds LLC. bought a new stake in shares of Synovus Financial in the first quarter valued at approximately $351,000. Institutional investors own 83.85% of the company's stock.

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.