KLP Kapitalforvaltning AS Purchases 1,100 Shares of Synovus Financial Corp. $SNV

KLP Kapitalforvaltning AS raised its position in Synovus Financial Corp. (NYSE:SNV) by 4.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,881 shares of the bank’s stock after purchasing an additional 1,100 shares during the period. KLP Kapitalforvaltning AS’s holdings in Synovus Financial were worth $1,504,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Fifth Third Bancorp increased its stake in Synovus Financial by 4.9% in the second quarter. Fifth Third Bancorp now owns 4,082 shares of the bank’s stock valued at $211,000 after purchasing an additional 189 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Synovus Financial by 0.5% in the first 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 in the last quarter. State of Michigan Retirement System increased its stake in Synovus Financial by 0.9% in the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank’s stock valued at $1,580,000 after purchasing an additional 300 shares in the last quarter. UMB Bank n.a. increased its stake in Synovus Financial by 17.0% in the second quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock valued at $110,000 after purchasing an additional 308 shares in the last quarter. Finally, Greenleaf Trust increased its position 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 acquiring an additional 318 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

SNV stock opened at $46.19 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The firm has a market cap of $6.41 billion, a P/E ratio of 8.86, a P/E/G ratio of 0.81 and a beta of 1.21. The company’s 50-day moving average price is $49.71 and its two-hundred day moving average price is $48.44.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The company had revenue of $592.08 million for the quarter, compared to the consensus estimate of $584.89 million. During the same period last year, the company posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is presently 29.94%.

Insider Activity at Synovus Financial

In related news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the purchase, the chief financial officer owned 58,220 shares in the company, valued at approximately $2,846,958. This trade represents a 3.56% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory G. Montana purchased 1,000 shares of Synovus Financial stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the completion of 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 quarter, insiders have purchased 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SNV. UBS Group downgraded shares of Synovus Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $63.00 to $56.00 in a research report on Tuesday, September 2nd. Morgan Stanley increased their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the company an “equal weight” rating in a research note on Friday, July 18th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Weiss Ratings lowered shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 1st. Nine equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $58.50.

About Synovus Financial

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.