9,500 Shares in Synovus Financial Corp. (NYSE:SNV) Purchased by nVerses Capital LLC

nVerses Capital LLC purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 9,500 shares of the bank’s stock, valued at approximately $422,000.

A number of other large investors have also made changes to their positions in the company. Inspire Investing LLC grew its stake in shares of Synovus Financial by 6.2% during the 3rd quarter. Inspire Investing LLC now owns 9,288 shares of the bank’s stock valued at $413,000 after purchasing an additional 541 shares during the period. UMB Bank n.a. grew its stake in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares during the period. Wedmont Private Capital grew its stake in shares of Synovus Financial by 3.8% during the 3rd quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock valued at $394,000 after purchasing an additional 335 shares during the period. CWM LLC grew its stake in shares of Synovus Financial by 93.3% during the 3rd quarter. CWM LLC now owns 2,003 shares of the bank’s stock valued at $89,000 after purchasing an additional 967 shares during the period. Finally, Callan Family Office LLC bought a new stake in shares of Synovus Financial during the 3rd quarter valued at about $1,006,000. 83.85% of the stock is currently owned by institutional investors.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction 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 sale, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.81% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SNV has been the subject of a number of recent research reports. Truist Financial boosted their price target on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Citigroup assumed coverage on Synovus Financial in a research note on Thursday, October 10th. They set a “buy” rating and a $53.00 price objective for the company. Barclays boosted their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. cut their price objective on Synovus Financial from $55.00 to $52.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Finally, DA Davidson boosted their price objective on Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and an average target price of $47.94.

Synovus Financial Stock Up 5.1 %

Shares of SNV opened at $50.85 on Friday. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 17.41, a price-to-earnings-growth ratio of 2.18 and a beta of 1.38. Synovus Financial Corp. has a 1 year low of $24.40 and a 1 year high of $51.69. The business’s 50 day simple moving average is $44.31 and its 200-day simple moving average is $41.21. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 EPS. As a group, equities analysts expect that Synovus Financial Corp. will post 4 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.99%. Synovus Financial’s payout ratio is presently 52.05%.

Synovus Financial Company 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.