Allspring Global Investments Holdings LLC has significantly reduced its investment in Synovus Financial Corp. (NYSE: SNV), cutting its stake by 32.2% during the third quarter of 2023. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Allspring now holds 152,332 shares of Synovus after divesting 72,310 shares during the quarter. This reduction leaves Allspring with a total value of approximately $7.4 million in Synovus stock.
Other institutional investors have also been active in the market. The Royal Bank of Canada increased its stake in Synovus Financial by 51.2% in the first quarter, now owning 26,820 shares valued at around $1.25 million. Similarly, Amundi saw a remarkable increase of 78,349.2%, accumulating 100,415 shares worth approximately $4.69 million.
Advisors Asset Management Inc. raised its position by 17.8%, now holding 4,388 shares valued at $205,000. Additionally, AllianceBernstein L.P. boosted its investment by 67.0%, owning 311,528 shares worth about $14.56 million. Finally, Millennium Management LLC increased its stake by 125.5%, now holding 646,098 shares valued at approximately $30.20 million. Overall, institutional investors and hedge funds currently control 83.85% of Synovus Financial’s stock.
Recent Analyst Ratings and Market Performance
Synovus Financial has recently been the subject of various analyst reviews. On October 17, Stephens lowered its price target from $54.00 to $51.00 while maintaining an “equal weight” rating. In contrast, JPMorgan Chase & Co. raised its target price from $58.00 to $65.00 and assigned an “overweight” rating.
Other analysts, including Truist Financial and DA Davidson, have also expressed confidence in the company, issuing buy ratings with price targets of $55.00 and $63.00, respectively. Meanwhile, Weiss Ratings adjusted its rating from “buy” to “hold.” Currently, six research analysts rate Synovus with a “buy” rating, while eight analysts suggest a “hold.” The stock has an average rating of “hold” and a consensus target price of $58.38, according to MarketBeat.com.
On October 15, Synovus Financial reported its quarterly earnings, revealing earnings per share (EPS) of $1.46, surpassing analysts’ expectations of $1.36 by $0.10. The bank’s revenue reached $612.79 million, exceeding estimates of $604.59 million and reflecting a 9.0% increase from the previous year.
Dividends and Insider Activity
In addition to its financial performance, Synovus Financial has declared a quarterly dividend of $0.39, which was paid on December 24, 2023. This dividend represents an annualized figure of $1.56 and yields 3.1%. The ex-dividend date was December 18, 2023, and the company’s dividend payout ratio stands at 29.10%.
In related news, Director Gregory G. Montana purchased 1,000 shares of Synovus stock on October 20 at an average price of $45.37 per share, totaling $45,370. Following this acquisition, Montana’s holdings increased by 22.40%, bringing his total ownership to 5,464 shares, valued at approximately $247,901.68. Currently, company insiders own 1.00% of Synovus Financial’s stock.
Synovus Financial Corp., headquartered in Columbus, Georgia, offers a wide range of banking and financial services to individuals, small businesses, and large corporations. The company operates through various segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.
