Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Inspire Investing LLC

Inspire Investing LLC grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 6.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,288 shares of the bank’s stock after buying an additional 541 shares during the period. Inspire Investing LLC’s holdings in Synovus Financial were worth $413,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in Synovus Financial during the 4th quarter worth about $338,000. GAMMA Investing LLC raised its position in shares of Synovus Financial by 22.4% in the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock valued at $120,000 after buying an additional 548 shares during the last quarter. Mather Group LLC. purchased a new position in shares of Synovus Financial during the first quarter valued at approximately $144,000. Cooper Financial Group purchased a new position in shares of Synovus Financial during the 1st quarter worth $203,000. Finally, Asio Capital LLC boosted its holdings in shares of Synovus Financial by 1.1% during the first quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after purchasing an additional 1,428 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Stephens raised their price target on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Wells Fargo & Company lowered shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Citigroup assumed coverage on shares of Synovus Financial in a report on Thursday, October 10th. They issued a “buy” rating and a $53.00 price target on the stock. Truist Financial upped their price objective on Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Barclays increased their target price on Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.94.

Synovus Financial Trading Up 2.2 %

SNV opened at $48.37 on Thursday. The firm’s 50 day moving average is $44.12 and its 200-day moving average is $41.14. Synovus Financial Corp. has a 52-week low of $24.40 and a 52-week high of $48.82. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $6.96 billion, a P/E ratio of 29.68, a P/E/G ratio of 2.18 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last released its quarterly 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 net margin of 8.40% and a return on equity of 12.76%. The firm 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 firm’s quarterly revenue was down .7% on a year-over-year basis. Analysts expect that Synovus Financial Corp. will post 4 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is 93.25%.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.81% 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.