Impact Partnership Wealth LLC Purchases 1,082 Shares of Synovus Financial Corp. (NYSE:SNV)

Impact Partnership Wealth LLC grew its position in shares of Synovus Financial Corp. (NYSE:SNV) by 20.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 6,467 shares of the bank’s stock after buying an additional 1,082 shares during the quarter. Impact Partnership Wealth LLC’s holdings in Synovus Financial were worth $260,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SNV. Wellington Management Group LLP lifted its position in shares of Synovus Financial by 56.9% during the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after purchasing an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Synovus Financial by 24.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock valued at $194,951,000 after buying an additional 1,016,231 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Synovus Financial by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock valued at $140,440,000 after buying an additional 21,041 shares during the period. Norges Bank acquired a new position in Synovus Financial in the fourth quarter valued at approximately $59,941,000. Finally, First Trust Advisors LP lifted its holdings in Synovus Financial by 4.0% in the fourth quarter. First Trust Advisors LP now owns 1,410,088 shares of the bank’s stock valued at $53,090,000 after buying an additional 53,974 shares during the period. 83.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SNV. Keefe, Bruyette & Woods increased their price objective on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Piper Sandler increased their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Wells Fargo & Company increased their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. DA Davidson increased their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Royal Bank of Canada increased their target price on shares of Synovus Financial from $45.00 to $49.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.44.

Synovus Financial Stock Down 0.3 %

Shares of SNV stock opened at $43.88 on Friday. The firm has a fifty day moving average of $43.51 and a 200-day moving average of $39.96. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $47.83. The company has a market capitalization of $6.32 billion, a price-to-earnings ratio of 15.03, a P/E/G ratio of 3.43 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.20. The company had revenue of $563.60 million during the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.16 earnings per share. As a group, equities research analysts predict that Synovus Financial Corp. will post 4.06 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the sale, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.

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.