July 5, 2023
Allspring Global Investments Holdings LLC Boosts Holdings in Synovus Financial Corp.
In a surprising turn of events, Allspring Global Investments Holdings LLC has made significant strides in its holdings in Synovus Financial Corp. (NYSE:SNV). According to the recently filed 13F report with the Securities and Exchange Commission, the institutional investor has managed to increase its holdings by a staggering 6.1% during the first quarter of this year. With an additional 9,676 shares acquired, Allspring Global Investments now owns a substantial 169,240 shares of Synovus Financial’s stock. This brings their total stake to an impressive worth of $5,218,000 as per their most recent filing. It is important to note that Allspring Global Investments’ ownership accounts for approximately 0.12% of Synovus Financial’s overall market value.
Synovus Financial Corp., on the other hand, has been making headlines of its own. The company recently announced its quarterly dividend payment which took place on Monday, July 3rd. Shareholders who were recorded as such on Thursday, June 15th received a dividend payout totaling $0.38 per share. With an annualized dividend amounting to $1.52 and a considerable yield of 4.90%, Synovus Financial continues to be a promising choice for investors looking for stable returns.
A number of well-regarded research firms have also entered into the conversation surrounding SNV stock and provided analysis on its outlook moving forward. In one instance, Raymond James decreased their price target for Synovus Financial from $46.00 to $36.00 while maintaining an “outperform” rating on the stock in their latest report issued on Thursday, April 6th. Similarly, Royal Bank of Canada revised their price target down from $42.00 to $40.00 and continued to endorse an “outperform” rating on Synovus Financial in their report released on Friday, April 21st.
However, not all the analysis has been positive. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in their report published earlier this week. They shed light on the potential risks associated with investing in SNV stock and cautioned investors to exercise prudence when considering this particular option. It is worth mentioning that JPMorgan Chase & Co. recently raised their target price for Synovus Financial from $35.00 to $37.00, suggesting a more optimistic outlook for the company.
As diverse opinions flood the market, Truist Financial has taken a different stance by decreasing their price target for Synovus Financial from $35.00 to $34.00 in a research note distributed on Thursday, June 29th.
Overall, despite facing mixed reviews from analysts, Synovus Financial Corp. continues its journey amidst the ever-changing investment landscape. According to data from Bloomberg.com, the consensus rating for SNV stock currently stands at “Hold,” while the average target price amounts to approximately $40.04.
With ongoing market dynamics and evolving economic factors, it remains imperative for investors to conduct thorough due diligence before making any investment decisions based on these recommendations or data provided by research firms or financial institutions. The world of finance can be perplexing and turbulent; however, staying informed and being equipped with knowledge can help navigate these complexities effectively.
Disclosure: This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities mentioned above.
[bs_slider_forecast ticker=”SNV”]
Synovus Financial Corp. Receives Boost in Investor Confidence Through Institutional Investor Positions and Insider Purchases
Synovus Financial Corp. (NYSE:SNV), a leading financial institution, has recently experienced notable changes in its institutional investor positions. Lazard Asset Management LLC increased its holdings in Synovus Financial by an astonishing 64.8% during the fourth quarter of last year. This boost resulted in Lazard Asset Management LLC now owning 809 shares of the bank’s stock, with a value of $30,000 after purchasing an additional 318 shares.
Additionally, Covestor Ltd also boosted its position in Synovus Financial by an impressive 76.7% during the first quarter of this year. Covestor Ltd currently owns 1,087 shares of the bank’s stock valued at $53,000 after acquiring an additional 472 shares during this period. These changes demonstrate significant interest and confidence in Synovus Financial from these institutional investors.
Moreover, other investment firms have also made moves to increase their positions in Synovus Financial. CoreCap Advisors LLC made a new investment worth approximately $48,000 during the fourth quarter of last year. Similarly, Neo Ivy Capital Management acquired new stakes worth roughly $48,000 during the second quarter. Furthermore, Canada Pension Plan Investment Board purchased new stakes worth approximately $74,000 during the first quarter.
Highlighting the remarkable level of interest shown towards Synovus Financial by both hedge funds and institutional investors collectively owning 78.37% of the company’s stock suggests that market participants see great potential for growth and returns in this financial institution.
In other news related to Synovus Financial Corp., CFO Andrew J. Jr. Gregory recently acquired 2,000 shares of the company’s stock on Monday, May 1st. His purchase was at an average cost of $30.33 per share with a total value reaching $60,660. Following this acquisition transaction completed by CFO Gregory, he now holds a considerable amount of shares reaching 28,809, valued at approximately $873,776.97. The completion of this purchase was disclosed in a filing with the SEC and can be accessed through the SEC website.
Another notable insider purchase involved EVP Daniel Zachary Bishop, who bought 1,000 shares of the company’s stock on May 5th at an average cost of $27.96 per share. As a result, EVP Bishop now owns 32,541 shares valued at $909,846.36. This disclosure for EVP Bishop’s purchase can also be found on the SEC website.
These insider purchases by CFO Gregory and EVP Bishop represent a show of confidence in Synovus Financial’s potential and prospects for future growth.
Additionally, Synovus Financial Corp. announced its recently declared quarterly dividend on Monday, July 3rd. Shareholders as of Thursday, June 15th received a dividend payment of $0.38 per share. With an ex-dividend date set for Wednesday, June 14th, this annualized dividend amounts to $1.52 and offers shareholders a yield of 4.90%. At present, Synovus Financial’s payout ratio stands at an impressive 29.46%.
On Wednesday morning, July 5th, NYSE SNV opened at $31.00 per share – an essential piece of information for investors actively tracking stock performance indicators to gauge financial stability and growth potential.
Synovus Financial Corp., with its market capitalization standing at $4.53 billion, operates within a price-to-earnings (P/E) ratio of 6.01 and possesses a PEG ratio indicating significant growth prospects over earnings expectations with a ratio of 2.19 times earnings estimates.
Furthermore, looking into Synovus Financial’s financials from its last quarterly earnings report posted on April 19th earlier this year reveals positive results for the bank’s performance during that period.
The company reported earnings per share (EPS) of $1.33 for that quarter, surpassing the consensus estimate by $0.11. Moreover, Synovus Financial recorded revenue of $613.90 million for the same period, exceeding analyst estimates of $589.40 million.
As a result of its impressive performance in both EPS and revenue during this quarter, Synovus Financial posted a return on equity of 19.92% and a net margin of 28.04%. Notably, the company’s revenue for the quarter experienced remarkable growth reaching 23.1% compared to the same quarter last year when it earned an EPS of $1.08.
Given these positive financial results and investment activities demonstrated by institutional investors and insiders, equities analysts project that Synovus Financial Corp.’s EPS for the current year will reach approximately 4.59.
Overall, Synovus Financial Corp.’s recent changes in institutional investor positions, insider purchases by key executives like CFO Andrew J. Jr. Gregory and EVP Daniel Zachary Bishop, along with strong financial performances demonstrated through impressive quarterly earnings reports have undoubtedly contributed to investor confidence and interest in this renowned financial institution.