Thomas T Dierdorff, the EVP of Synovus ($SNV), sold 1,841 shares of the company on 10-22-2024. We received data on the trade from a recent SEC filing. This was a sale of approximately 12.4% of their shares. Following this trade, they now own 12,992 shares of Synovus stock.
Synovus Insider Trading Activity
Synovus insiders have traded $SNV stock on the open market 7 times in the past 6 months. Of those trades, 3 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $SNV stock by insiders over the last 6 months:
- THOMAS T DIERDORFF (EVP, Corp. & Inv. Banking) has traded it 3 times. They made 1 purchase, buying 1,841 shares and 2 sales, selling 2,455 shares.
- D WAYNE JR AKINS (EVP, Chief Comm Banking Off.) has traded it 2 times. They made 1 purchase, buying 24,500 shares and 1 sale, selling 20,000 shares.
- ANDREW J. JR. GREGORY (EVP & Chief Financial Officer) has traded it 2 times. They made 1 purchase, buying 28,000 shares and 1 sale, selling 23,539 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
Synovus Hedge Fund Activity
We have seen 164 institutional investors add shares of Synovus stock to their portfolio, and 199 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SILVERCREST ASSET MANAGEMENT GROUP LLC added 2,005,323 shares (+72.5%) to their portfolio in Q2 2024
- NORTH REEF CAPITAL MANAGEMENT LP added 1,050,000 shares (+38.9%) to their portfolio in Q2 2024
- BALYASNY ASSET MANAGEMENT L.P. added 984,101 shares (+inf%) to their portfolio in Q2 2024
- MILLENNIUM MANAGEMENT LLC added 838,932 shares (+181.0%) to their portfolio in Q2 2024
- VICTORY CAPITAL MANAGEMENT INC removed 622,123 shares (-70.4%) from their portfolio in Q2 2024
- FMR LLC added 573,147 shares (+5.5%) to their portfolio in Q2 2024
- VANGUARD GROUP INC removed 535,968 shares (-3.6%) from their portfolio in Q2 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Should I Buy $SNV Stock?
The bull case for Synovus Financial Corp ($SNV) highlights the company's strong positioning for growth in its Commercial and Institutional Banking (CIB) and Middle Market segments, projecting loan growth of $600 million to $700 million in 2023 and an additional $500 million in 2024, particularly within the Healthcare, Financial Institutions Group, and Technology/Media/Communications sectors. This growth is bolstered by a forecasted revenue increase of 4% to 10% in Q4 2024, effective expense management, and improved deposit beta trends, alongside notable advancements in diversity and corporate governance. Conversely, the bear case presents a negative outlook due to expected declines in loan production and net interest margins (NIM), with a projected $674 million drop in Q4 2023 loan production and a 9 basis point decrease in NIM. The company's management forecasts a decrease in adjusted pre-provision net revenue, along with a $400 million drop in non-interest-bearing deposits, while potential economic slowdowns could elevate nonperforming assets and net charge-offs, further compromising net income and earnings power amid declining interest rates and shifts away from lower-return loans.
Background on $SNV Stock
Synovus Financial Corp. (SNV) is a financial services company headquartered in Columbus, Georgia. It operates primarily as a banking institution providing a wide range of services, including traditional banking, investment, and financial planning solutions. Synovus serves individuals, businesses, and institutions through a network of branches, offering services such as loans, mortgages, credit card processing, treasury management, and wealth management. The company emphasizes a community-oriented approach, focusing on personalized customer service and local decision-making to build long-term relationships. Additionally, Synovus is known for its commitment to digital banking innovations, enhancing accessibility and convenience for its clients.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
