Armstrong Advisory Group Inc. Purchases Shares of 790 Synovus Financial Corp. $SNV

Armstrong Advisory Group Inc. acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 790 shares of the bank’s stock, valued at approximately $41,000.

Several other institutional investors have also modified their holdings of the company. Wedge Capital Management L L P NC lifted its position in shares of Synovus Financial by 0.4% during the 2nd quarter. Wedge Capital Management L L P NC now owns 703,947 shares of the bank’s stock worth $36,429,000 after purchasing an additional 2,983 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Synovus Financial by 17.0% during the 2nd quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock worth $110,000 after purchasing an additional 308 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Synovus Financial during the 2nd quarter worth $270,000. Harbor Capital Advisors Inc. lifted its position in shares of Synovus Financial by 467.9% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 107,105 shares of the bank’s stock worth $5,543,000 after purchasing an additional 88,244 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in shares of Synovus Financial by 48.3% during the 2nd quarter. Parallel Advisors LLC now owns 1,671 shares of the bank’s stock worth $86,000 after purchasing an additional 544 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SNV has been the subject of several recent analyst reports. Barclays decreased their price objective on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, July 28th. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $65.00 to $50.00 in a research note on Tuesday, August 12th. Truist Financial lifted their price target 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. Morgan Stanley lifted their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Friday, July 18th. Finally, UBS Group lowered shares of Synovus Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $58.83.

Insider Activity

In related news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $48.90 per share, with a total value of $97,800.00. Following the completion of the acquisition, the chief financial officer owned 58,220 shares in the company, valued at approximately $2,846,958. This represents a 3.56% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Kevin S. Blair acquired 4,040 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the acquisition, the chief executive officer owned 164,378 shares of the company’s stock, valued at $8,120,273.20. This represents a 2.52% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 8,040 shares of company stock valued at $392,916. 1.00% of the stock is owned by insiders.

Synovus Financial Stock Down 0.5%

Synovus Financial stock opened at $49.77 on Wednesday. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The stock has a 50 day moving average of $50.78 and a two-hundred day moving average of $48.26. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 0.84 and a beta of 1.22.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data 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. 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 period last year, the firm earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Thursday, September 18th. Synovus Financial’s payout ratio is 29.94%.

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.