Synovus Financial Corp. (NYSE:SNV) Shares Acquired by Hancock Whitney Corp

Hancock Whitney Corp grew its position in Synovus Financial Corp. (NYSE:SNV) by 17.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,074 shares of the bank’s stock after acquiring an additional 11,780 shares during the quarter. Hancock Whitney Corp owned about 0.05% of Synovus Financial worth $3,128,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Pitcairn Co. boosted its stake in shares of 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 acquiring an additional 261 shares during the last quarter. Yousif Capital Management LLC boosted its stake in shares of Synovus Financial by 0.5% during the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after acquiring an additional 360 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Synovus Financial by 0.3% during the fourth quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock valued at $4,559,000 after acquiring an additional 376 shares during the last quarter. MFA Wealth Advisors LLC boosted its stake in Synovus Financial by 2.0% in the 1st quarter. MFA Wealth Advisors LLC now owns 23,122 shares of the bank’s stock worth $926,000 after buying an additional 458 shares during the last quarter. Finally, Brown Advisory Inc. boosted its stake in Synovus Financial by 4.1% in the 4th quarter. Brown Advisory Inc. now owns 11,909 shares of the bank’s stock worth $448,000 after buying an additional 466 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Synovus Financial

In related news, major shareholder Eli Samaha sold 6,803 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the completion of the transaction, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the completion of the transaction, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction on 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 owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The disclosure for this sale can be found here. Insiders sold 180,326 shares of company stock worth $4,557,245 in the last 90 days. 0.81% of the stock is currently owned by company insiders.

Synovus Financial Stock Performance

Shares of SNV traded down $2.36 during mid-day trading on Thursday, hitting $44.39. The stock had a trading volume of 677,048 shares, compared to its average volume of 1,424,588. The company has a market cap of $6.50 billion, a PE ratio of 15.22, a PEG ratio of 3.71 and a beta of 1.40. The company’s fifty day simple moving average is $40.56 and its two-hundred day simple moving average is $38.77. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $47.83.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $0.96 by $0.20. The company had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business’s revenue was down .7% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. On average, equities analysts expect that Synovus Financial Corp. will post 4 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were given a $0.38 dividend. The ex-dividend date was Thursday, June 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.42%. Synovus Financial’s payout ratio is 52.05%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SNV. 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. Royal Bank of Canada raised their price objective on Synovus Financial from $45.00 to $49.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Truist Financial raised 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. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Finally, Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.81.

Synovus Financial 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.