HB Wealth Management LLC Increases Stock Position in Synovus Financial Corp. (NYSE:SNV)

HB Wealth Management LLC increased its position in Synovus Financial Corp. (NYSE:SNV) by 18.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,553 shares of the bank’s stock after acquiring an additional 2,598 shares during the period. HB Wealth Management LLC’s holdings in Synovus Financial were worth $774,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Colonial Trust Co SC boosted its holdings in Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after buying an additional 499 shares during the period. Quent Capital LLC boosted its holdings in shares of Synovus Financial by 205.6% during the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank’s stock valued at $84,000 after purchasing an additional 1,209 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Synovus Financial by 142.3% in the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank’s stock valued at $85,000 after acquiring an additional 1,063 shares during the last quarter. Safe Harbor Fiduciary LLC bought a new position in shares of Synovus Financial in the 4th quarter valued at about $102,000. Finally, Advisory Services Network LLC purchased a new stake in Synovus Financial in the 4th quarter worth about $207,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Diana M. Murphy acquired 1,000 shares of the company’s stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $48.80 per share, with a total value of $48,800.00. Following the transaction, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin S. Blair acquired 4,040 shares of the company’s stock in a transaction on Tuesday, July 29th. The stock was purchased at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the transaction, the chief executive officer owned 164,378 shares in the company, valued at approximately $8,120,273.20. The trade was a 2.52% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 7,040 shares of company stock valued at $346,176 in the last ninety days. Company insiders own 1.00% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $47.89 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $6.66 billion, a price-to-earnings ratio of 9.19, a PEG ratio of 0.83 and a beta of 1.19. The company’s 50-day moving average is $50.99 and its two-hundred day moving average is $49.31. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping the consensus estimate of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The firm had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same period in the prior year, the business posted $1.16 EPS. Analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.26%. The ex-dividend date was Wednesday, June 18th. Synovus Financial’s payout ratio is currently 29.94%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SNV. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Truist Financial lifted their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 11th. Barclays cut their price objective on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday. Morgan Stanley raised their target price 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. Finally, Jefferies Financial Group began coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They set a “hold” rating and a $55.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.78.

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.