Synovus Financial Corp. (NYSE:SNV) Holdings Boosted by Impact Partnership Wealth LLC

Impact Partnership Wealth LLC boosted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 20.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,467 shares of the bank’s stock after purchasing an additional 1,082 shares during the period. Impact Partnership Wealth LLC’s holdings in Synovus Financial were worth $260,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its holdings in shares of Synovus Financial by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after acquiring an additional 245 shares in the last quarter. Pitcairn Co. grew its holdings in shares of Synovus Financial by 2.3% during the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after acquiring an additional 261 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after acquiring an additional 298 shares in the last quarter. Hanseatic Management Services Inc. grew its holdings in shares of Synovus Financial by 2.6% during the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after acquiring an additional 303 shares in the last quarter. Finally, Abich Financial Wealth Management LLC grew its holdings in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after acquiring an additional 371 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

NYSE:SNV opened at $43.88 on Friday. The firm’s 50-day moving average is $43.51 and its 200-day moving average is $39.96. Synovus Financial Corp. has a 52-week low of $24.40 and a 52-week high of $47.83. 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 market cap of $6.32 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 3.43 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data 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 net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same quarter in the previous year, the firm posted $1.16 EPS. The business’s revenue was down .7% compared to the same quarter last year. Equities research analysts anticipate that Synovus Financial Corp. will post 4.06 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be paid a $0.38 dividend. The ex-dividend date is Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 3.46%. Synovus Financial’s payout ratio is currently 52.05%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SNV shares. Keefe, Bruyette & Woods lifted their price objective on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. Royal Bank of Canada lifted their price objective on shares of Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Friday, August 30th. Truist Financial lifted their price objective on shares of Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Morgan Stanley lifted their price objective on shares of Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.44.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the sale, the insider now directly owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The sale 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 company’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 directly owns 14,833 shares in the company, valued at $685,284.60. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.

Synovus Financial Company 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.