Synovus Financial Corp. $SNV Shares Acquired by TruWealth Advisors LLC

TruWealth Advisors LLC increased its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 70.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 450,162 shares of the bank’s stock after purchasing an additional 186,281 shares during the period. Synovus Financial accounts for about 1.3% of TruWealth Advisors LLC’s holdings, making the stock its 28th biggest holding. TruWealth Advisors LLC owned approximately 0.32% of Synovus Financial worth $23,296,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted 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 worth $130,546,000 after purchasing an additional 1,791,973 shares in the last quarter. Invesco Ltd. lifted its position in Synovus Financial by 201.0% during the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock worth $38,363,000 after acquiring an additional 548,092 shares in the last quarter. Millennium Management LLC boosted its holdings in Synovus Financial by 125.5% in the 1st quarter. Millennium Management LLC now owns 646,098 shares of the bank’s stock worth $30,199,000 after acquiring an additional 359,568 shares during the period. MetLife Investment Management LLC grew its holdings in Synovus Financial by 393.8% during the 1st quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank’s stock valued at $18,437,000 after purchasing an additional 314,576 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Synovus Financial during the first quarter valued at about $14,294,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SNV. Jefferies Financial Group started coverage on Synovus Financial in a research note on Wednesday, May 21st. They issued a “hold” rating and a $55.00 price target for the company. Morgan Stanley increased their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Friday, July 18th. JPMorgan Chase & Co. increased their price target on Synovus Financial from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. DA Davidson raised their price objective on shares of Synovus Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Finally, Keefe, Bruyette & Woods cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $65.00 to $50.00 in a research report on Tuesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.83.

Insider Activity at Synovus Financial

In related news, Director Gregory G. Montana bought 1,000 shares of Synovus Financial stock in a transaction dated Thursday, July 31st. The shares were bought at an average cost of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the transaction, the director owned 4,341 shares of the company’s stock, valued at approximately $202,898.34. This trade represents a 29.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Diana M. Murphy purchased 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the acquisition, the director owned 40,171 shares of the company’s stock, valued at $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 8,040 shares of company stock worth $392,916 in the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Synovus Financial Trading Down 0.1%

Synovus Financial stock opened at $51.75 on Friday. The company’s fifty day moving average price is $51.29 and its two-hundred day moving average price is $48.18. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company has a market capitalization of $7.18 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 0.87 and a beta of 1.22.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter in the previous year, the business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th will be given a $0.39 dividend. The ex-dividend date is Thursday, September 18th. This represents a $1.56 annualized dividend and a yield of 3.0%. Synovus Financial’s payout ratio is presently 29.94%.

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.