Olympiad Research LP Acquires Shares of 5,240 Synovus Financial Corp. $SNV

Olympiad Research LP acquired a new stake in Synovus Financial Corp. (NYSE:SNV) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,240 shares of the bank’s stock, valued at approximately $271,000.

Other institutional investors have also made changes to their positions in the company. Fifth Third Bancorp boosted its position in 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 buying an additional 189 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Synovus Financial by 17.0% in the second quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock worth $110,000 after acquiring an additional 308 shares in the last quarter. MFA Wealth Advisors LLC lifted its stake in shares of Synovus Financial by 4.2% in the second quarter. MFA Wealth Advisors LLC now owns 8,066 shares of the bank’s stock worth $417,000 after acquiring an additional 326 shares in the last quarter. US Bancorp DE boosted its holdings in Synovus Financial by 2.4% in the first quarter. US Bancorp DE now owns 15,665 shares of the bank’s stock valued at $732,000 after purchasing an additional 369 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Synovus Financial by 33.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank’s stock valued at $76,000 after purchasing an additional 406 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on SNV shares. Raymond James Financial cut Synovus Financial from a “moderate buy” rating to a “hold” rating in a research note on Monday, July 28th. JPMorgan Chase & Co. reduced their price objective 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. Truist Financial dropped their target price on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, October 17th. DA Davidson restated a “buy” rating and issued a $63.00 target price on shares of Synovus Financial in a research note on Thursday, October 16th. Finally, UBS Group decreased their price target on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, Synovus Financial has an average rating of “Hold” and a consensus price target of $58.56.

Insider Buying and Selling

In other news, Director Gregory G. Montana bought 1,000 shares of the company’s stock in a transaction dated Monday, October 20th. The shares were acquired at an average cost of $45.37 per share, with a total value of $45,370.00. Following the completion of the transaction, the director directly owned 5,464 shares in the company, valued at approximately $247,901.68. The trade was a 22.40% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.00% of the company’s stock.

Synovus Financial Stock Down 0.6%

Shares of Synovus Financial stock opened at $46.13 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06. The business’s fifty day moving average price is $47.72 and its two-hundred day moving average price is $49.03. The company has a market capitalization of $6.40 billion, a P/E ratio of 8.61, a PEG ratio of 0.77 and a beta of 1.28.

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

Synovus Financial Announces Dividend

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

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.