Synovus Financial (NYSE:SNV) Director Acquires $45,370.00 in Stock

Key Points

• Director Acquisition: Synovus Financial Director Gregory Montana purchased 1,000 shares for a total of $45,370, increasing his ownership by 22.40% to a total of 5,464 shares valued at approximately $247,902.
• Quarterly Earnings Beat: The bank reported Q3 earnings of $1.46 per share, exceeding analysts' estimates of $1.36, with a 9.0% increase in revenue year-over-year to $612.79 million.
• Dividend Announcement: Synovus Financial declared a quarterly dividend of $0.39 per share, reflecting an annualized yield of 3.4% and a payout ratio of 29.10%.

Synovus Financial Corp. (NYSE:SNV - Get Free Report) Director Gregory Montana bought 1,000 shares of the business's stock in a transaction on Monday, October 20th. The stock was acquired at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the transaction, the director owned 5,464 shares in the company, valued at $247,901.68. This represents a 22.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Synovus Financial Stock Performance

Shares of NYSE SNV traded up $0.24 during trading on Tuesday, reaching $46.13. The stock had a trading volume of 1,349,119 shares, compared to its average volume of 1,645,417. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $6.40 billion, a PE ratio of 8.61, a P/E/G ratio of 0.81 and a beta of 1.21. The firm's 50 day moving average price is $49.57 and its two-hundred day moving average price is $48.53.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The business had revenue of $612.79 million during the quarter, compared to the consensus estimate of $604.59 million. During the same period in the previous year, the business earned $1.23 EPS. The business's quarterly revenue was up 9.0% on a year-over-year basis. On average, research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Thursday, September 18th. Synovus Financial's payout ratio is 29.10%.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently bought and sold shares of the business. True Wealth Design LLC lifted its stake in Synovus Financial by 1,817.8% in the 3rd quarter. True Wealth Design LLC now owns 863 shares of the bank's stock worth $42,000 after acquiring an additional 818 shares in the last quarter. Mather Group LLC. purchased a new stake in Synovus Financial in the 3rd quarter worth about $187,000. Merit Financial Group LLC lifted its stake in Synovus Financial by 198.1% in the 3rd quarter. Merit Financial Group LLC now owns 26,047 shares of the bank's stock worth $1,278,000 after acquiring an additional 17,308 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in Synovus Financial by 42.8% in the 3rd quarter. Sivia Capital Partners LLC now owns 7,450 shares of the bank's stock worth $366,000 after acquiring an additional 2,233 shares in the last quarter. Finally, waypoint wealth counsel acquired a new position in Synovus Financial in the 3rd quarter worth about $302,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SNV shares. Wells Fargo & Company restated an "equal weight" rating and issued a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Barclays cut their price objective on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Monday, July 28th. JPMorgan Chase & Co. cut their price objective on Synovus Financial from $65.00 to $58.00 and set an "overweight" rating for the company in a report on Wednesday, October 1st. Truist Financial cut their price objective on Synovus Financial from $56.00 to $55.00 and set a "buy" rating for the company in a report on Friday. Finally, DA Davidson restated a "buy" rating and issued a $63.00 price objective on shares of Synovus Financial in a report on Thursday, October 16th. Eight research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $58.71.

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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