Acadian Asset Management LLC Invests $1.47 Million in Synovus Financial Corp. $SNV

Acadian Asset Management LLC bought a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 31,507 shares of the bank’s stock, valued at approximately $1,471,000.

Several other hedge funds also recently added to or reduced their stakes in SNV. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Synovus Financial during the 1st quarter valued at about $47,000. Spectrum Wealth Counsel LLC purchased a new position in Synovus Financial during the first quarter valued at approximately $70,000. Brooklyn Investment Group lifted its holdings in Synovus Financial by 39.1% in the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank’s stock valued at $73,000 after acquiring an additional 439 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Synovus Financial by 33.3% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank’s stock worth $76,000 after purchasing an additional 406 shares in the last quarter. Finally, Quent Capital LLC boosted its position in Synovus Financial by 205.6% in the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank’s stock worth $84,000 after purchasing an additional 1,209 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Down 0.1%

Shares of Synovus Financial stock opened at $50.57 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The firm has a market capitalization of $7.02 billion, a PE ratio of 9.71, a P/E/G ratio of 0.85 and a beta of 1.22. The firm’s 50-day moving average price is $51.13 and its 200 day moving average price is $48.17.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping the consensus estimate of $1.25 by $0.23. The company 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 business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th will be issued a $0.39 dividend. The ex-dividend date is Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. Synovus Financial’s dividend payout ratio (DPR) is presently 29.94%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wells Fargo & Company reiterated an “equal weight” rating and issued a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Raymond James Financial downgraded shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, July 28th. UBS Group lowered shares of Synovus Financial from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Keefe, Bruyette & Woods lowered Synovus Financial from an “outperform” rating to a “market perform” rating and cut their price target for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. Finally, Stephens reduced 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. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and an average target price of $58.83.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, with a total value of $48,800.00. Following the completion of the purchase, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. This represents a 2.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gregory G. Montana acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost of $46.74 per share, with a total value of $46,740.00. Following the purchase, the director owned 4,341 shares in the company, valued at $202,898.34. This represents a 29.93% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company’s stock.

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.