Synovus Financial Corp. (NYSE:SNV) Shares Bought by Western Financial Corporation

Western Financial Corporation grew its holdings in shares of Synovus Financial Corp. (NYSE:SNVGet Rating) by 4.7% during the first quarter, Holdings Channel reports. The firm owned 18,871 shares of the bank’s stock after acquiring an additional 845 shares during the quarter. Western Financial Corporation’s holdings in Synovus Financial were worth $925,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the business. Van ECK Associates Corp raised its holdings in shares of Synovus Financial by 7.6% during the fourth quarter. Van ECK Associates Corp now owns 3,059 shares of the bank’s stock worth $146,000 after purchasing an additional 216 shares during the period. Ellevest Inc. increased its holdings in shares of Synovus Financial by 15.6% in the 4th quarter. Ellevest Inc. now owns 1,856 shares of the bank’s stock worth $89,000 after acquiring an additional 250 shares during the period. Kestra Advisory Services LLC increased its holdings in shares of Synovus Financial by 2.5% in the 4th quarter. Kestra Advisory Services LLC now owns 12,051 shares of the bank’s stock worth $577,000 after acquiring an additional 293 shares during the period. Investors Asset Management of Georgia Inc. GA ADV increased its holdings in shares of Synovus Financial by 1.4% in the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 23,284 shares of the bank’s stock worth $1,141,000 after acquiring an additional 327 shares during the period. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Synovus Financial by 6.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 6,691 shares of the bank’s stock worth $320,000 after acquiring an additional 412 shares during the period. 79.53% of the stock is currently owned by institutional investors.

In other news, CFO Andrew J. Jr. Gregory bought 2,000 shares of the firm’s stock in a transaction on Wednesday, April 27th. The stock was bought at an average cost of $42.73 per share, for a total transaction of $85,460.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,196 shares in the company, valued at approximately $1,247,545.08. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Joseph J. Prochaska, Jr. bought 1,000 shares of the firm’s stock in a transaction on Tuesday, May 10th. The stock was purchased at an average price of $41.38 per share, with a total value of $41,380.00. Following the completion of the acquisition, the director now owns 31,109 shares of the company’s stock, valued at $1,287,290.42. The disclosure for this purchase can be found here. Company insiders own 1.55% of the company’s stock.

SNV has been the topic of a number of analyst reports. Piper Sandler dropped their price objective on shares of Synovus Financial from $61.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, April 22nd. Truist Financial dropped their price objective on shares of Synovus Financial from $56.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, June 15th. StockNews.com assumed coverage on shares of Synovus Financial in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Wells Fargo & Company decreased their target price on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, April 22nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Synovus Financial from $60.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.17.

NYSE:SNV opened at $36.88 on Monday. Synovus Financial Corp. has a twelve month low of $34.15 and a twelve month high of $54.40. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average of $39.77 and a 200-day moving average of $46.02. The firm has a market cap of $5.36 billion, a price-to-earnings ratio of 7.65, a price-to-earnings-growth ratio of 2.29 and a beta of 1.44.

Synovus Financial (NYSE:SNVGet Rating) last posted its quarterly earnings data on Thursday, April 21st. The bank reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.05. Synovus Financial had a net margin of 35.38% and a return on equity of 16.00%. The company had revenue of $498.50 million during the quarter, compared to analyst estimates of $497.35 million. During the same quarter last year, the firm posted $1.21 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, research analysts forecast that Synovus Financial Corp. will post 4.59 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Stockholders of record on Thursday, June 16th were given a dividend of $0.34 per share. The ex-dividend date was Wednesday, June 15th. This represents a $1.36 annualized dividend and a dividend yield of 3.69%. Synovus Financial’s dividend payout ratio (DPR) is 28.22%.

About Synovus Financial (Get Rating)

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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