LPL Financial LLC Purchases 1,902 Shares of Synovus Financial Corp. $SNV

LPL Financial LLC grew its stake in Synovus Financial Corp. (NYSE:SNV) by 5.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,616 shares of the bank’s stock after buying an additional 1,902 shares during the quarter. LPL Financial LLC’s holdings in Synovus Financial were worth $1,665,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Silvercrest Asset Management Group LLC grew its position in shares of Synovus Financial by 2.3% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank’s stock worth $121,442,000 after purchasing an additional 53,286 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Synovus Financial by 5.8% during the first quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank’s stock worth $73,748,000 after purchasing an additional 86,694 shares in the last quarter. Northern Trust Corp grew its position in shares of Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank’s stock worth $70,702,000 after purchasing an additional 337,784 shares in the last quarter. AQR Capital Management LLC grew its holdings in Synovus Financial by 226.5% during the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock valued at $54,573,000 after buying an additional 738,983 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Synovus Financial by 17.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 497,160 shares of the bank’s stock valued at $25,470,000 after buying an additional 72,853 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Diana M. Murphy purchased 1,000 shares of the business’s stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin S. Blair bought 4,040 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the purchase, the chief executive officer owned 164,378 shares in the company, valued at $8,120,273.20. The trade was a 2.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 8,040 shares of company stock valued at $392,916. 1.00% of the stock is owned by insiders.

Synovus Financial Trading Down 0.6%

Shares of NYSE SNV opened at $49.1250 on Friday. 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 business has a fifty day simple moving average of $51.08 and a two-hundred day simple moving average of $48.57. The firm has a market cap of $6.82 billion, a PE ratio of 9.43, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06.

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

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were issued a $0.39 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.2%. Synovus Financial’s dividend payout ratio (DPR) is currently 29.94%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Stephens cut their price target on Synovus Financial from $60.00 to $54.00 and set an “equal weight” rating for the company in a report on Tuesday, July 29th. Wells Fargo & Company reissued an “equal weight” rating and set a $58.00 price target (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Wall Street Zen raised Synovus Financial from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Raymond James Financial lowered Synovus Financial from a “moderate buy” rating to a “hold” rating in a research note on Monday, July 28th. Finally, Keefe, Bruyette & Woods lowered Synovus Financial from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $65.00 to $50.00 in a research note on Tuesday, August 12th. Ten investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $59.94.

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.