Forum Financial Management LP Grows Holdings in Synovus Financial Corp. $SNV

Forum Financial Management LP grew its stake in Synovus Financial Corp. (NYSE:SNV) by 9.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 5,454 shares of the bank’s stock after acquiring an additional 488 shares during the period. Forum Financial Management LP’s holdings in Synovus Financial were worth $282,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Fifth Third Bancorp raised its stake in shares of Synovus Financial by 4.9% in the 2nd quarter. Fifth Third Bancorp now owns 4,082 shares of the bank’s stock valued at $211,000 after acquiring an additional 189 shares during the period. State of Michigan Retirement System raised its stake in shares of Synovus Financial by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 33,804 shares of the bank’s stock valued at $1,580,000 after acquiring an additional 300 shares during the period. UMB Bank n.a. raised its stake in shares of Synovus Financial by 17.0% in the 2nd quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock valued at $110,000 after acquiring an additional 308 shares during the period. Greenleaf Trust raised its stake in shares of Synovus Financial by 5.2% in the 1st quarter. Greenleaf Trust now owns 6,425 shares of the bank’s stock valued at $300,000 after acquiring an additional 318 shares during the period. Finally, MFA Wealth Advisors LLC raised its stake in shares of Synovus Financial by 4.2% in the 2nd quarter. MFA Wealth Advisors LLC now owns 8,066 shares of the bank’s stock valued at $417,000 after acquiring an additional 326 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Synovus Financial

In related news, Director Gregory G. Montana bought 1,000 shares of the stock in a transaction dated Monday, October 20th. The stock was acquired at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the acquisition, the director owned 5,464 shares in the company, valued at approximately $247,901.68. This represents a 22.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kevin S. Blair bought 4,040 shares of the stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of $49.40 per share, with a total value of $199,576.00. Following the acquisition, the chief executive officer owned 164,378 shares in the company, valued at approximately $8,120,273.20. This represents a 2.52% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 9,040 shares of company stock worth $438,286. Corporate insiders own 1.00% of the company’s stock.

Synovus Financial Trading Up 1.4%

NYSE SNV opened at $46.07 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The stock has a market capitalization of $6.39 billion, a PE ratio of 8.59, a price-to-earnings-growth ratio of 0.80 and a beta of 1.21. The firm has a 50 day moving average of $49.28 and a two-hundred day moving average of $48.71.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping the consensus estimate of $1.36 by $0.10. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The company had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. During the same quarter in the previous year, the business posted $1.23 EPS. The firm’s revenue was up 9.0% on a year-over-year basis. As a group, research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.4%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s payout ratio is 29.10%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SNV shares. Morgan Stanley boosted their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the company an “equal weight” rating in a research note on Friday, July 18th. Truist Financial cut their target price on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Raymond James Financial downgraded shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a research note on Monday, July 28th. JPMorgan Chase & Co. cut their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 1st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Synovus Financial in a research note on Friday. Eight analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.71.

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.