Synovus Financial Corp. (NYSE:SNV) Stake Boosted by WBI Investments LLC

WBI Investments LLC increased its stake in Synovus Financial Corp. (NYSE:SNV) by 4.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,908 shares of the bank’s stock after purchasing an additional 600 shares during the quarter. WBI Investments LLC’s holdings in Synovus Financial were worth $517,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Phocas Financial Corp. purchased a new position in Synovus Financial during the 4th quarter valued at about $7,115,000. Nordea Investment Management AB grew its stake in Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after acquiring an additional 64,621 shares in the last quarter. New York State Common Retirement Fund grew its stake in Synovus Financial by 346.6% during the 4th quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after acquiring an additional 443,056 shares in the last quarter. BIP Wealth LLC grew its stake in Synovus Financial by 104.6% during the 4th quarter. BIP Wealth LLC now owns 46,901 shares of the bank’s stock valued at $1,766,000 after acquiring an additional 23,978 shares in the last quarter. Finally, Eventide Asset Management LLC purchased a new position in Synovus Financial during the 4th quarter valued at about $968,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Synovus Financial stock traded up $1.80 on Thursday, reaching $42.49. The company’s stock had a trading volume of 1,383,692 shares, compared to its average volume of 1,396,313. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $6.22 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 5.26 and a beta of 1.40. The business’s fifty day moving average price is $38.70 and its 200 day moving average price is $37.90. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $42.61.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same period last year, the company earned $1.33 EPS. The company’s revenue was down 12.4% compared to the same quarter last year. Equities analysts expect that Synovus Financial Corp. will post 3.86 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were issued a $0.38 dividend. The ex-dividend date was Thursday, June 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.58%. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Wall Street Analyst Weigh In

Several research firms have weighed in on SNV. Truist Financial lowered their target price on Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Barclays upgraded Synovus Financial from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $39.00 to $46.00 in a report on Monday, June 24th. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Morgan Stanley reiterated an “equal weight” rating and set a $37.00 price target on shares of Synovus Financial in a report on Monday, April 22nd. Finally, Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $42.63.

Insiders Place Their Bets

In other Synovus Financial news, EVP D Wayne Akins, Jr. purchased 24,500 shares of the stock in a transaction on Friday, June 7th. The stock was bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the acquisition, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at $1,566,461.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the completion of the transaction, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP D Wayne Akins, Jr. acquired 24,500 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were purchased at an average price of $37.40 per share, with a total value of $916,300.00. Following the completion of the acquisition, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Insiders sold 179,712 shares of company stock worth $4,528,878 over the last ninety days. 0.81% of the stock is currently owned by corporate 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.