In a recent trading move, Synovus (NYSE:SNV) Financial Corp's (NYSE:SNV) Executive Vice President and Chief Commercial Banking Officer, Akins D. Wayne Jr., has sold shares worth approximately $747,600 and subsequently purchased shares valued at around $916,300.
On June 7, 2024, Mr. Akins sold 20,000 shares of Synovus at an average price of $37.38. The transactions were executed in multiple parts, with prices ranging from $37.27 to $37.47. Following this sale, Akins still held 17,384 shares of Synovus stock directly.
On the same day, he also acquired 24,500 shares at an average price of $37.40 per share. These purchases were also conducted in multiple transactions, with prices varying between $37.28 and $37.62. After these transactions, Akins's direct holdings in the company increased to 41,884 shares.
The reported transactions were part of personal tax planning activities by Mr. Akins. In accordance with the company's policies and Section 16(b) of the Securities Exchange Act of 1934, any potential profits realized from the sale and purchase of Synovus shares within a six-month window would be returned to the company.
In addition to the shares held directly, Akins's wife holds 3,257 shares of Synovus common stock indirectly. This recent activity by a top executive at Synovus provides investors with insight into insider trading patterns within the company.
In other recent news, Synovus Financial Corp. has announced quarterly dividends for its common and preferred stock. Common stock shareholders will receive a dividend of $0.38 per share, while holders of the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, will receive $0.57159 per share. The Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, will have a dividend of $0.3671875 per share.
In analyst updates, DA Davidson raised the Synovus Financial Corp stock price target from $43.00 to $47.00, maintaining a Buy rating. The upgrade follows the company's mid-quarter update and the expanded impact of Synovus's Risk Weighted Assets (RWA) Project. In contrast, Keefe, Bruyette & Woods, Truist Securities, and Piper Sandler reduced their price targets for Synovus Financial Corp due to various factors, including net interest income headwinds and first-quarter earnings that did not meet expectations.
All these developments are part of recent events surrounding Synovus Financial Corp, reflecting both the company's initiatives and the analysts' perspectives on its financial performance.
InvestingPro Insights
As investors scrutinize the insider trading patterns at Synovus Financial Corp (NYSE:SNV), it's worth noting the broader financial landscape of the company. Synovus has been a consistent player in the financial sector, maintaining dividend payments for an impressive 51 consecutive years, which is a testament to its financial stability and commitment to shareholder returns. This is particularly relevant for long-term investors looking for reliable income streams.
From a valuation perspective, Synovus currently holds a market capitalization of $5.36 billion, with a Price/Earnings (P/E) ratio of 12.51. This P/E ratio has shown a slight adjustment in the last twelve months as of Q1 2024, coming in at 12.13. These figures suggest that the company is trading at a relatively reasonable valuation in comparison to its earnings. Moreover, the company's Price/Book ratio as of the last twelve months stands at 1.2, indicating that the stock may be trading at a fair value relative to its assets.
When it comes to performance, Synovus's revenue for the last twelve months as of Q1 2024 was $1.94 billion, although it has experienced a decline in growth by 12.67% during the same period. This contraction in revenue growth is a metric that investors may want to consider when evaluating the company's short-term performance prospects.
For those looking to delve deeper into Synovus's financials and insider trading implications, InvestingPro offers a range of additional tips. There are currently 5 more InvestingPro Tips available, which can provide further insights into the company's profitability forecasts and gross profit margins. Access these tips at: https://www.investing.com/pro/SNV and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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