Synovus Financial Corp. (NYSE:SNV) EVP Sells $28,366.80 in Stock

Synovus Financial Corp. (NYSE:SNV) EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Synovus Financial Price Performance

Synovus Financial stock opened at $47.62 on Monday. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $47.76. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The business’s 50 day simple moving average is $40.14 and its 200 day simple moving average is $38.57. The company has a market cap of $6.97 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 3.77 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter in the previous year, the firm posted $1.16 EPS. The business’s revenue for the quarter was down .7% compared to the same quarter last year. Sell-side analysts forecast that Synovus Financial Corp. will post 4 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a yield of 3.19%. Synovus Financial’s payout ratio is 52.05%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Royal Bank of Canada lifted their price objective on Synovus Financial from $45.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Barclays boosted their target price on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Jefferies Financial Group boosted their price objective on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Truist Financial boosted their price objective on Synovus Financial from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.81.

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its holdings in Synovus Financial by 56.9% during the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after acquiring an additional 2,843,488 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Synovus Financial by 24.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after purchasing an additional 1,016,231 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Synovus Financial by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock worth $140,440,000 after purchasing an additional 21,041 shares during the period. Channing Capital Management LLC bought a new position in shares of Synovus Financial in the fourth quarter worth $72,201,000. Finally, Norges Bank bought a new position in Synovus Financial in the fourth quarter valued at $59,941,000. Institutional investors own 83.85% of the company’s stock.

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.