Cooper Financial Group Invests $218,000 in Synovus Financial Corp. $SNV

Cooper Financial Group bought a new stake in Synovus Financial Corp. (NYSE:SNV) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,210 shares of the bank’s stock, valued at approximately $218,000.

Several other hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Synovus Financial by 168.2% in the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock valued at $130,546,000 after acquiring an additional 1,791,973 shares during the period. Bank of New York Mellon Corp increased its position in shares of 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 valued at $73,748,000 after acquiring an additional 86,694 shares during the period. T. Rowe Price Investment Management Inc. increased its position in shares of Synovus Financial by 1.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank’s stock valued at $41,394,000 after acquiring an additional 12,036 shares during the period. Invesco Ltd. increased its position in shares of Synovus Financial by 201.0% in the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock valued at $38,363,000 after acquiring an additional 548,092 shares during the period. Finally, Wedge Capital Management L L P NC increased its position in shares of Synovus Financial by 0.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 703,947 shares of the bank’s stock valued at $36,429,000 after acquiring an additional 2,983 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Synovus Financial

In other news, Director Gregory G. Montana purchased 1,000 shares of the stock in a transaction dated Thursday, July 31st. The shares were purchased at an average cost of $46.74 per share, with a total value of $46,740.00. Following the completion of the purchase, the director directly owned 4,341 shares of the company’s stock, valued at approximately $202,898.34. The trade was a 29.93% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Diana M. Murphy purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $48.80 per share, with a total value of $48,800.00. Following the completion of the transaction, the director directly owned 40,171 shares of the company’s stock, valued at $1,960,344.80. This represents a 2.55% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by corporate insiders.

Synovus Financial Price Performance

NYSE:SNV opened at $48.14 on Friday. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $6.68 billion, a PE ratio of 9.24, a price-to-earnings-growth ratio of 0.82 and a beta of 1.21. The stock’s 50-day moving average price is $49.82 and its 200-day moving average price is $48.45.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating 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 firm had revenue of $592.08 million for 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, equities analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Thursday, September 18th were paid a $0.39 dividend. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.2%. Synovus Financial’s dividend payout ratio (DPR) is currently 29.94%.

Analysts Set New Price Targets

SNV has been the topic of several research reports. Stephens cut 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, July 29th. Wells Fargo & Company reissued an “equal weight” rating and issued a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Wall Street Zen raised shares of Synovus Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Barclays lowered their price target on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, July 28th. Finally, Raymond James Financial lowered shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a report on Monday, July 28th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.50.

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.