Synovus Financial (NYSE:SNV) Director Gregory Montana Purchases 1,000 Shares

Synovus Financial Corp. (NYSE:SNV) Director Gregory Montana purchased 1,000 shares of Synovus Financial stock in a transaction dated Monday, October 20th. The shares were purchased at an average price of $45.37 per share, with a total value of $45,370.00. Following the completion of the transaction, the director directly owned 5,464 shares in the company, valued at approximately $247,901.68. This represents a 22.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link.

Synovus Financial Trading Up 0.5%

Shares of SNV stock opened at $46.13 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. The company has a market capitalization of $6.40 billion, a PE ratio of 8.61, a price-to-earnings-growth ratio of 0.81 and a beta of 1.21. The business’s fifty day moving average is $49.51 and its 200 day moving average is $48.51.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping the consensus estimate of $1.36 by $0.10. The business had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm’s revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.23 earnings per share. On average, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

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

Hedge Funds Weigh In On Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC grew its holdings in Synovus Financial by 168.2% in the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock worth $130,546,000 after acquiring an additional 1,791,973 shares during the last quarter. Norges Bank bought a new stake in shares of Synovus Financial in the second quarter worth about $89,347,000. Invesco Ltd. increased its holdings in Synovus Financial by 201.0% during the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock valued at $38,363,000 after purchasing an additional 548,092 shares during the period. Millennium Management LLC raised its position in Synovus Financial by 125.5% during the 1st quarter. Millennium Management LLC now owns 646,098 shares of the bank’s stock valued at $30,199,000 after purchasing an additional 359,568 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position 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 during the last quarter. Institutional investors own 83.85% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SNV shares. JPMorgan Chase & Co. lowered their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 1st. Barclays decreased 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. Truist Financial dropped their price objective on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, October 17th. DA Davidson reiterated a “buy” rating and issued a $63.00 target price on shares of Synovus Financial in a research report on Thursday, October 16th. Finally, Wall Street Zen upgraded Synovus Financial from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $58.71.

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.