Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Private Capital Management LLC

Private Capital Management LLC lifted its holdings in Synovus Financial Corp. (NYSE:SNV) by 6.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 365,557 shares of the bank’s stock after purchasing an additional 21,456 shares during the period. Synovus Financial comprises about 2.6% of Private Capital Management LLC’s portfolio, making the stock its 22nd largest holding. Private Capital Management LLC’s holdings in Synovus Financial were worth $14,644,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of SNV. Pitcairn Co. lifted its holdings in Synovus Financial by 2.3% during the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after purchasing an additional 261 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares in the last quarter. Yousif Capital Management LLC boosted its holdings in Synovus Financial by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock worth $2,626,000 after buying an additional 360 shares during the last quarter. Abich Financial Wealth Management LLC increased its stake in Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after buying an additional 371 shares in the last quarter. Finally, Truist Financial Corp increased its stake in Synovus Financial by 0.3% during the 4th quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock worth $4,559,000 after buying an additional 376 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Up 1.1 %

Shares of NYSE SNV traded up $0.47 during midday trading on Friday, reaching $43.33. 1,198,276 shares of the stock were exchanged, compared to its average volume of 1,418,525. The stock has a market capitalization of $6.24 billion, a P/E ratio of 14.84, a PEG ratio of 3.24 and a beta of 1.40. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The company has a 50 day simple moving average of $41.37 and a 200 day simple moving average of $39.12. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $47.83.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter last year, the firm earned $1.16 earnings per share. The firm’s quarterly revenue was down .7% compared to the same quarter last year. As a group, equities analysts expect that Synovus Financial Corp. will post 4.06 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Thursday, June 20th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $1.52 annualized dividend and a yield of 3.51%. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Wall Street Analyst Weigh In

SNV has been the topic of a number of research analyst reports. Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, April 18th. Keefe, Bruyette & Woods raised their price objective on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Stephens upped their target price on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. JPMorgan Chase & Co. raised their price target on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Truist Financial boosted their price target on shares of Synovus Financial from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.44.

Insider Buying and Selling at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP D Wayne Akins, Jr. bought 24,500 shares of the company’s stock in a transaction on Friday, June 7th. The stock was bought at an average cost of $37.40 per share, with a total value of $916,300.00. Following the transaction, the executive vice president now directly owns 41,884 shares in the company, valued at approximately $1,566,461.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The disclosure for this sale can be found here. Insiders have sold 180,326 shares of company stock valued at $4,557,245 over the last 90 days. 0.81% of the stock is owned by insiders.

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.