Nisa Investment Advisors LLC Sells 7,820 Shares of Synovus Financial Corp. (NYSE:SNV)

Posted by Defense World Staff on Jul 29th, 2023

Nisa Investment Advisors LLC reduced its position in shares of Synovus Financial Corp. (NYSE:SNV – Free Report) by 17.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,020 shares of the bank’s stock after selling 7,820 shares during the period. Nisa Investment Advisors LLC’s holdings in Synovus Financial were worth $1,141,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SNV. Norges Bank bought a new stake in shares of Synovus Financial during the 4th quarter worth $55,365,000. Alyeska Investment Group L.P. bought a new stake in Synovus Financial in the 1st quarter valued at $20,823,000. Boston Partners boosted its holdings in Synovus Financial by 36.9% in the 4th quarter. Boston Partners now owns 1,413,846 shares of the bank’s stock valued at $54,293,000 after purchasing an additional 380,822 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Synovus Financial by 10.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,574,156 shares of the bank’s stock valued at $134,210,000 after purchasing an additional 329,678 shares during the period. Finally, First Trust Advisors LP boosted its holdings in Synovus Financial by 78.8% in the 1st quarter. First Trust Advisors LP now owns 720,573 shares of the bank’s stock valued at $35,308,000 after purchasing an additional 317,619 shares during the period. 78.37% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Andrew J. Jr. Gregory bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was acquired at an average price of $30.33 per share, for a total transaction of $60,660.00. Following the transaction, the chief financial officer now directly owns 28,809 shares of the company’s stock, valued at approximately $873,776.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Kevin S. Blair acquired 4,600 shares of the firm’s stock in a transaction on Thursday, May 4th. The shares were purchased at an average price of $26.30 per share, with a total value of $120,980.00. Following the acquisition, the chief executive officer now directly owns 86,939 shares in the company, valued at $2,286,495.70. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the firm’s stock in a transaction on Monday, May 1st. The shares were bought at an average cost of $30.33 per share, for a total transaction of $60,660.00. Following the acquisition, the chief financial officer now owns 28,809 shares in the company, valued at $873,776.97. The disclosure for this purchase can be found here. Insiders bought 11,375 shares of company stock worth $309,411 in the last quarter. 1.60% of the stock is owned by corporate insiders.

Synovus Financial Trading Up 2.6 %

Shares of Synovus Financial stock opened at $33.84 on Friday. The stock has a market capitalization of $4.94 billion, a P/E ratio of 6.60, a price-to-earnings-growth ratio of 2.54 and a beta of 1.35. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.94. The company has a 50-day simple moving average of $30.66 and a 200 day simple moving average of $33.39. Synovus Financial Corp. has a 12-month low of $25.19 and a 12-month high of $44.91.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Thursday, June 15th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend was Wednesday, June 14th. Synovus Financial’s dividend payout ratio (DPR) is currently 29.63%.

Analysts Set New Price Targets

A number of brokerages have weighed in on SNV. UBS Group increased their price target on shares of Synovus Financial from $31.00 to $33.00 in a report on Tuesday, April 25th. Janney Montgomery Scott raised shares of Synovus Financial from a “neutral” rating to a “buy” rating and set a $38.00 price target for the company in a report on Monday, April 24th. DA Davidson increased their price target on shares of Synovus Financial from $34.00 to $37.00 in a report on Friday, July 21st. Wells Fargo & Company dropped their price objective on shares of Synovus Financial from $50.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, July 21st. Finally, 888 restated a “maintains” rating on shares of Synovus Financial in a research note on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.50.

Synovus Financial Company Profile

(Free Report)

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 loans.