Strs Ohio Invests $1.24 Million in Synovus Financial Corp. $SNV

Strs Ohio acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 26,609 shares of the bank’s stock, valued at approximately $1,244,000.

Other large investors have also recently bought and sold shares of the company. Janney Montgomery Scott LLC lifted its stake in shares of Synovus Financial by 0.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank’s stock valued at $2,412,000 after purchasing an additional 249 shares during the period. State of Michigan Retirement System grew its stake in shares of Synovus Financial by 0.9% during the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank’s stock worth $1,580,000 after purchasing an additional 300 shares during the period. Greenleaf Trust grew its stake in shares of Synovus Financial by 5.2% during the first quarter. Greenleaf Trust now owns 6,425 shares of the bank’s stock worth $300,000 after purchasing an additional 318 shares during the period. ProShare Advisors LLC grew its stake in shares of Synovus Financial by 5.6% during the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank’s stock worth $340,000 after purchasing an additional 352 shares during the period. Finally, US Bancorp DE grew its stake in shares of Synovus Financial by 2.4% during the first quarter. US Bancorp DE now owns 15,665 shares of the bank’s stock worth $732,000 after purchasing an additional 369 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Up 1.7%

SNV opened at $51.41 on Thursday. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06. 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 company has a market cap of $7.14 billion, a P/E ratio of 9.87, a price-to-earnings-growth ratio of 0.85 and a beta of 1.22. The company has a fifty day moving average price of $51.06 and a two-hundred day moving average price of $48.19.

Synovus Financial (NYSE:SNV) last posted its earnings results 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 the consensus estimate of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same period in the previous year, the firm posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Analysts predict that Synovus Financial Corp. will post 4.89 EPS 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. Stockholders of record on Thursday, September 18th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial’s dividend payout ratio is currently 29.94%.

Wall Street Analyst Weigh In

SNV has been the subject of a number of recent analyst reports. DA Davidson upped their price objective on shares of Synovus Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, July 18th. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Morgan Stanley increased their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Friday, July 18th. Stephens reduced their price objective on shares of Synovus Financial from $60.00 to $54.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 29th. Finally, Truist Financial increased their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial presently has an average rating of “Moderate Buy” and an average target price of $58.83.

Insider Activity at Synovus Financial

In related news, Director Gregory G. Montana purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were purchased at an average price of $46.74 per share, with a total value of $46,740.00. Following the acquisition, the director directly owned 4,341 shares of the company’s stock, valued at approximately $202,898.34. This represents a 29.93% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin S. Blair purchased 4,040 shares of the business’s stock in a transaction on Tuesday, July 29th. The stock was purchased at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the acquisition, the chief executive officer 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 disclosure for this purchase can be found here. Insiders bought 8,040 shares of company stock valued at $392,916 over the last quarter. 1.00% of the stock is currently owned by insiders.

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.