Advisors Asset Management Inc. Purchases 662 Shares of Synovus Financial Corp. $SNV

Advisors Asset Management Inc. raised its stake in Synovus Financial Corp. (NYSE:SNV) by 17.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 4,388 shares of the bank’s stock after purchasing an additional 662 shares during the quarter. Advisors Asset Management Inc.’s holdings in Synovus Financial were worth $205,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SNV. Amundi grew its stake in Synovus Financial by 78,349.2% in the first quarter. Amundi now owns 100,415 shares of the bank’s stock worth $4,693,000 after purchasing an additional 100,287 shares during the period. EP Wealth Advisors LLC grew its stake in shares of Synovus Financial by 33.2% in the first quarter. EP Wealth Advisors LLC now owns 8,025 shares of the bank’s stock worth $375,000 after acquiring an additional 2,002 shares during the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Synovus Financial in the first quarter worth $364,000. Royal Bank of Canada grew its stake in shares of Synovus Financial by 51.2% in the first quarter. Royal Bank of Canada now owns 26,820 shares of the bank’s stock worth $1,254,000 after acquiring an additional 9,080 shares during the last quarter. Finally, Graham Capital Management L.P. purchased a new stake in shares of Synovus Financial in the first quarter worth $3,631,000. Institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods cut Synovus Financial from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $65.00 to $50.00 in a research report on Tuesday, August 12th. Truist Financial increased their target price on Synovus Financial from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. UBS Group cut Synovus Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $63.00 to $56.00 in a research report on Tuesday, September 2nd. Wells Fargo & Company restated an “equal weight” rating and set a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Finally, Jefferies Financial Group began coverage on Synovus Financial in a report on Wednesday, May 21st. They set a “hold” rating and a $55.00 price target for the company. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.83.

Insider Buying and Selling

In related news, 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 purchased at an average cost of $49.40 per share, with a total value of $199,576.00. Following the completion of the acquisition, the chief executive officer directly owned 164,378 shares in the company, valued at approximately $8,120,273.20. The trade was a 2.52% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory G. Montana bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average cost of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the acquisition, the director owned 4,341 shares of the company’s stock, valued at $202,898.34. This trade represents a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 8,040 shares of company stock valued at $392,916 in the last three months. 1.00% of the stock is currently owned by insiders.

Synovus Financial Trading Up 0.8%

SNV opened at $51.79 on Friday. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The stock has a fifty day moving average price of $51.36 and a 200-day moving average price of $48.20. 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 firm has a market cap of $7.19 billion, a price-to-earnings ratio of 9.94, a PEG ratio of 0.86 and a beta of 1.22.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $584.89 million. During the same period in the previous year, the business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is 29.94%.

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.