Synovus Financial Corp. (NYSE:SNV) Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. lowered its position in shares of Synovus Financial Corp. (NYSE:SNV) by 37.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,171 shares of the bank’s stock after selling 12,259 shares during the quarter. Meeder Asset Management Inc.’s holdings in Synovus Financial were worth $943,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC raised its position in shares of Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after purchasing an additional 415,201 shares during the period. Silvercrest Asset Management Group LLC grew its holdings in Synovus Financial by 2.3% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank’s stock worth $121,442,000 after buying an additional 53,286 shares in the last quarter. First Trust Advisors LP grew its holdings in Synovus Financial by 4.5% in the 4th quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank’s stock worth $93,610,000 after buying an additional 77,876 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Synovus Financial by 5.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank’s stock worth $73,748,000 after buying an additional 86,694 shares in the last quarter. Finally, Norges Bank bought a new position in Synovus Financial in the 4th quarter worth approximately $77,209,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Diana M. Murphy bought 1,000 shares of the business’s stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the acquisition, the director directly owned 40,171 shares in the company, valued at approximately $1,960,344.80. This represents a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the business’s stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the completion of the acquisition, the chief financial officer owned 58,220 shares of the company’s stock, valued at approximately $2,846,958. This represents a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 7,040 shares of company stock worth $346,176. Corporate insiders own 1.00% of the company’s stock.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $49.14 on Wednesday. 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 Corp. has a 1 year low of $35.94 and a 1 year high of $61.06. The business has a fifty day simple moving average of $50.97 and a 200 day simple moving average of $49.31. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of 9.43, a P/E/G ratio of 0.83 and a beta of 1.19.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $584.89 million. During the same period last year, the company earned $1.16 earnings per share. As a group, sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.17%. Synovus Financial’s dividend payout ratio is 29.94%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SNV shares. Truist Financial increased their price objective on Synovus Financial from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Stephens decreased their price target on Synovus Financial from $60.00 to $54.00 and set an “equal weight” rating for the company in a research note on Tuesday. Morgan Stanley raised their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Friday, July 18th. Jefferies Financial Group assumed coverage on Synovus Financial in a research note on Wednesday, May 21st. They set a “hold” rating and a $55.00 price objective for the company. Finally, Wall Street Zen raised Synovus Financial from a “hold” rating to a “buy” rating in a research note on Saturday. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.78.

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.