Parallel Advisors LLC Grows Holdings in Synovus Financial Corp. $SNV

Parallel Advisors LLC increased its position in Synovus Financial Corp. (NYSE:SNV) by 48.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,671 shares of the bank’s stock after acquiring an additional 544 shares during the quarter. Parallel Advisors LLC’s holdings in Synovus Financial were worth $86,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tidal Investments LLC purchased a new stake in Synovus Financial in the 4th quarter worth approximately $222,000. Cerity Partners LLC increased its holdings in Synovus Financial by 50.9% in the 1st quarter. Cerity Partners LLC now owns 23,879 shares of the bank’s stock worth $1,116,000 after acquiring an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Synovus Financial in the 1st quarter worth approximately $251,000. First Citizens Bank & Trust Co. increased its holdings in Synovus Financial by 32.8% in the 1st quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank’s stock worth $1,081,000 after acquiring an additional 5,717 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC purchased a new stake in Synovus Financial in the 1st quarter worth approximately $237,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 0.4%

NYSE SNV opened at $49.61 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $6.89 billion, a P/E ratio of 9.52, a P/E/G ratio of 0.84 and a beta of 1.22. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The stock has a 50 day moving average price of $50.72 and a 200-day moving average price of $48.27.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to the consensus estimate 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 prior year, the company earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company 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 3.1%. The ex-dividend date is Thursday, September 18th. Synovus Financial’s dividend payout ratio is currently 29.94%.

Analysts Set New Price Targets

SNV has been the subject of several analyst reports. Barclays reduced their target price on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, July 28th. Stephens cut 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 report on Tuesday, July 29th. UBS Group lowered shares of Synovus Financial from a “buy” rating to a “neutral” rating and cut their price objective for the company from $63.00 to $56.00 in a report on Tuesday, September 2nd. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $58.00 price objective (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Finally, Wall Street Zen raised shares of Synovus Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $58.61.

Insider Transactions at Synovus Financial

In other news, Director Diana M. Murphy bought 1,000 shares of the stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average price of $48.90 per share, with a total value of $97,800.00. Following the completion of the transaction, the chief financial officer directly owned 58,220 shares in the company, valued at approximately $2,846,958. The trade was a 3.56% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 8,040 shares of company stock valued at $392,916 over the last quarter. 1.00% of the stock is owned by insiders.

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.