HB Wealth Management LLC Cuts Stock Holdings in Synovus Financial Corp. $SNV

HB Wealth Management LLC reduced its position in shares of Synovus Financial Corp. (NYSE:SNV) by 66.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,516 shares of the bank’s stock after selling 11,037 shares during the period. HB Wealth Management LLC’s holdings in Synovus Financial were worth $285,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Instrumental Wealth LLC purchased a new stake in shares of Synovus Financial during the second quarter worth about $450,000. Fifth Third Bancorp boosted its holdings in shares of Synovus Financial by 4.9% during the second quarter. Fifth Third Bancorp now owns 4,082 shares of the bank’s stock worth $211,000 after purchasing an additional 189 shares during the period. AM Investment Strategies LLC boosted its holdings in shares of Synovus Financial by 27.2% during the second quarter. AM Investment Strategies LLC now owns 24,112 shares of the bank’s stock worth $1,247,000 after purchasing an additional 5,159 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in shares of Synovus Financial during the second quarter worth about $322,000. Finally, MFA Wealth Advisors LLC boosted its holdings in shares of Synovus Financial by 4.2% during the second quarter. MFA Wealth Advisors LLC now owns 8,066 shares of the bank’s stock worth $417,000 after purchasing an additional 326 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Diana M. Murphy purchased 1,000 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $48.80 per share, with a total value of $48,800.00. Following the completion of the transaction, the director directly owned 40,171 shares of the company’s stock, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin S. Blair purchased 4,040 shares of Synovus Financial 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 transaction, the chief executive officer directly owned 164,378 shares of the company’s stock, valued at $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 8,040 shares of company stock worth $392,916 over the last three months. 1.00% of the stock is currently owned by insiders.

Synovus Financial Price Performance

Shares of SNV opened at $48.47 on Tuesday. The company has a market capitalization of $6.73 billion, a P/E ratio of 9.30, a price-to-earnings-growth ratio of 0.82 and a beta of 1.21. 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 firm has a 50 day moving average of $49.79 and a 200 day moving average of $48.48. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating 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 quarter last year, the firm earned $1.16 earnings per share. 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 company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Thursday, September 18th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.2%. Synovus Financial’s dividend payout ratio (DPR) is 29.94%.

Wall Street Analysts Forecast Growth

SNV has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Synovus Financial in a report on Saturday, September 27th. JPMorgan Chase & Co. decreased their price target on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Barclays decreased their price target on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, July 28th. Finally, Raymond James Financial downgraded shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a research note on Monday, July 28th. Ten analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.50.

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.