Vanguard Personalized Indexing Management LLC Purchases 2,644 Shares of Synovus Financial Corp. $SNV

Vanguard Personalized Indexing Management LLC increased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 10.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,133 shares of the bank’s stock after acquiring an additional 2,644 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Synovus Financial were worth $1,508,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Fifth Third Bancorp boosted its stake in Synovus Financial by 4.9% during the 2nd quarter. Fifth Third Bancorp now owns 4,082 shares of the bank’s stock worth $211,000 after acquiring an additional 189 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Synovus Financial by 0.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank’s stock worth $2,412,000 after acquiring an additional 249 shares during the last quarter. State of Michigan Retirement System boosted its stake in Synovus Financial by 0.9% during the 1st quarter. State of Michigan Retirement System now owns 33,804 shares of the bank’s stock worth $1,580,000 after acquiring an additional 300 shares during the last quarter. UMB Bank n.a. boosted its stake in 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 acquiring an additional 308 shares during the last quarter. Finally, Greenleaf Trust boosted its stake in Synovus Financial by 5.2% during the 1st quarter. Greenleaf Trust now owns 6,425 shares of the bank’s stock worth $300,000 after acquiring an additional 318 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

SNV has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $65.00 to $50.00 in a research note on Tuesday, August 12th. Truist Financial cut their price target on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday. Royal Bank Of Canada cut their price target on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday. DA Davidson reaffirmed a “buy” rating and issued a $63.00 price target on shares of Synovus Financial in a research note on Thursday. Finally, UBS Group lowered shares of Synovus Financial from a “buy” rating to a “neutral” rating and cut their price target for the company from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Eight research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $58.71.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CEO Kevin S. Blair acquired 4,040 shares of the stock in a transaction dated 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 completion of the acquisition, the chief executive officer directly owned 164,378 shares of the company’s stock, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diana M. Murphy acquired 1,000 shares of the stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price 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 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 purchased 8,040 shares of company stock valued at $392,916 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

Synovus Financial Price Performance

NYSE SNV opened at $45.33 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. The company has a market capitalization of $6.29 billion, a PE ratio of 8.46, a price-to-earnings-growth ratio of 0.79 and a beta of 1.21. The firm’s 50 day moving average is $49.59 and its 200-day moving average is $48.41.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.10. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The company had revenue of $612.79 million for the quarter, compared to the consensus estimate of $604.59 million. During the same period last year, the company earned $1.23 earnings per share. The firm’s revenue was up 9.0% compared to the same quarter last year. Equities research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were issued a $0.39 dividend. The ex-dividend date was Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.4%. Synovus Financial’s dividend payout ratio (DPR) is 29.10%.

Synovus Financial 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.