Creative Planning Acquires 3,534 Shares of Synovus Financial Corp. $SNV

Creative Planning lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 6.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,872 shares of the bank’s stock after buying an additional 3,534 shares during the period. Creative Planning’s holdings in Synovus Financial were worth $2,840,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Fifth Third Bancorp raised its holdings in 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 acquiring an additional 189 shares in the last quarter. UMB Bank n.a. increased its position in shares of Synovus Financial by 17.0% during the 2nd quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock worth $110,000 after purchasing an additional 308 shares during the last quarter. MFA Wealth Advisors LLC increased its position in shares of Synovus Financial by 4.2% during the 2nd 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 last quarter. US Bancorp DE raised its stake in shares of Synovus Financial by 2.4% during the 1st quarter. US Bancorp DE now owns 15,665 shares of the bank’s stock worth $732,000 after purchasing an additional 369 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Synovus Financial by 33.3% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank’s stock valued at $76,000 after buying an additional 406 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of Synovus Financial stock in a transaction dated Monday, October 20th. The stock was bought at an average price of $45.37 per share, with a total value of $45,370.00. Following the completion of the transaction, the director owned 5,464 shares in the company, valued at $247,901.68. The trade was a 22.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Synovus Financial Stock Performance

NYSE SNV opened at $47.05 on Monday. The stock has a market cap of $6.53 billion, a PE ratio of 8.78, a P/E/G ratio of 0.77 and a beta of 1.28. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a 50-day moving average of $47.02 and a 200-day moving average of $49.16. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.10. The firm had revenue of $612.79 million for the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The business’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.23 EPS. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, September 18th. This represents a $1.56 annualized dividend and a yield of 3.3%. Synovus Financial’s dividend payout ratio (DPR) is presently 29.10%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SNV shares. Truist Financial lowered their target price on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $65.00 to $50.00 in a research report on Tuesday, August 12th. Barclays boosted their price objective on shares of Synovus Financial from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 11th. Weiss Ratings cut shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. reduced their price target on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. Eight analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Synovus Financial has an average rating of “Hold” and a consensus target price of $58.56.

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.