Blue Trust Inc. Has $520,000 Stock Position in Synovus Financial Corp. (NYSE:SNV)

Blue Trust Inc. grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 102.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,992 shares of the bank’s stock after acquiring an additional 6,588 shares during the period. Blue Trust Inc.’s holdings in Synovus Financial were worth $520,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in Synovus Financial by 56.9% during the 4th 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 during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of 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 acquiring an additional 1,016,231 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of 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 acquiring an additional 21,041 shares in the last quarter. Channing Capital Management LLC bought a new position in Synovus Financial during the fourth quarter worth about $72,201,000. Finally, Norges Bank acquired a new stake in Synovus Financial in the 4th quarter worth about $59,941,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Up 1.1 %

Shares of NYSE:SNV traded up $0.49 during midday trading on Friday, hitting $43.35. 1,198,276 shares of the stock were exchanged, compared to its average volume of 1,418,525. The business’s 50-day moving average price is $41.37 and its 200 day moving average price is $39.12. The stock has a market capitalization of $6.35 billion, a price-to-earnings ratio of 14.85, a P/E/G ratio of 3.24 and a beta of 1.40. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $47.83. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The firm had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.16 EPS. Analysts predict that Synovus Financial Corp. will post 4.06 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.51%. The ex-dividend date was Thursday, June 20th. Synovus Financial’s payout ratio is presently 52.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Stephens increased their target price on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. DA Davidson increased their price target on Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Morgan Stanley lifted their price objective on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Truist Financial boosted their price target on Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Bank of America reduced their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.44.

Insider Buying and Selling at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the sale, the insider now owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value 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 $685,284.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 180,326 shares of company stock worth $4,557,245. Insiders own 0.81% 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.