Dimensional Fund Advisors LP Buys 491,036 Shares of Synovus Financial Corp. (NYSE:SNV)

Dimensional Fund Advisors LP raised its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 9.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,762,983 shares of the bank’s stock after purchasing an additional 491,036 shares during the period. Dimensional Fund Advisors LP owned 3.94% of Synovus Financial worth $231,597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of SNV. Diamond Hill Capital Management Inc. purchased a new stake in Synovus Financial during the 2nd quarter valued at $19,434,000. Vest Financial LLC raised its stake in shares of Synovus Financial by 34.6% in the second quarter. Vest Financial LLC now owns 29,527 shares of the bank’s stock valued at $1,187,000 after acquiring an additional 7,586 shares during the period. Headlands Technologies LLC lifted its holdings in shares of Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the last quarter. Texas Permanent School Fund Corp lifted its holdings in shares of Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after acquiring an additional 25,028 shares during the last quarter. Finally, Savant Capital LLC purchased a new position in shares of Synovus Financial during the 2nd quarter worth about $435,000. 83.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction that occurred 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 transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.81% of the company’s stock.

Synovus Financial Price Performance

NYSE SNV opened at $45.05 on Thursday. The company has a market cap of $6.60 billion, a PE ratio of 15.43, a P/E/G ratio of 3.50 and a beta of 1.39. The firm’s 50 day moving average price is $44.10 and its 200-day moving average price is $40.36. 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 Corp. has a 52-week low of $24.40 and a 52-week high of $47.83.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.20. The business had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. Sell-side analysts forecast that Synovus Financial Corp. will post 4.05 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be issued a $0.38 dividend. The ex-dividend date is Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 3.37%. Synovus Financial’s dividend payout ratio is presently 52.05%.

Analyst Ratings Changes

SNV has been the subject of several analyst reports. Barclays raised their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Wells Fargo & Company boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Piper Sandler increased their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Truist Financial boosted their target price on shares of Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.69.

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.