4,629 Shares in Synovus Financial Corp. $SNV Acquired by Avidian Wealth Enterprises LLC

Avidian Wealth Enterprises LLC purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,629 shares of the bank’s stock, valued at approximately $240,000.

Several other large investors have also modified their holdings of the company. Armstrong Advisory Group Inc. purchased a new position in shares of Synovus Financial during the second quarter worth approximately $41,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Synovus Financial in the 1st quarter valued at $47,000. IFP Advisors Inc boosted its stake in Synovus Financial by 650.4% during the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock worth $60,000 after purchasing an additional 917 shares during the period. Spectrum Wealth Counsel LLC acquired a new stake in Synovus Financial during the 1st quarter worth $70,000. Finally, Brooklyn Investment Group grew its position in Synovus Financial by 39.1% during the 1st quarter. Brooklyn Investment Group now owns 1,561 shares of the bank’s stock worth $73,000 after purchasing an additional 439 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

Shares of SNV stock opened at $45.41 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The stock has a 50 day simple moving average of $49.34 and a 200-day simple moving average of $48.54. The company has a market cap of $6.30 billion, a price-to-earnings ratio of 8.47, a price-to-earnings-growth ratio of 0.80 and a beta of 1.21. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06.

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

Synovus Financial Announces Dividend

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

Analyst Ratings Changes

SNV has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. JPMorgan Chase & Co. dropped their price target on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Truist Financial reduced their price objective on Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Morgan Stanley increased their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Friday, July 18th. Finally, Barclays dropped their target price on Synovus Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, July 28th. Eight equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Synovus Financial presently has an average rating of “Hold” and a consensus target price of $58.71.

Insider Transactions at Synovus Financial

In related news, Director Diana M. Murphy acquired 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the transaction, the director directly owned 40,171 shares of the company’s stock, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the company’s stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, with a total value of $97,800.00. Following the transaction, the chief financial officer directly owned 58,220 shares of the company’s stock, valued at $2,846,958. This represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 9,040 shares of company stock worth $438,286. Corporate insiders own 1.00% of the company’s stock.

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.