Howard Kevin Joseph, Executive Vice President and Chief Wholesale Banking Officer at Synovus (NYSE:SNV) Financial Corp. (NYSE:SNV), recently made significant transactions involving the company's stock. According to a recent SEC filing, Joseph sold 15,750 shares of Synovus Financial common stock on November 27, 2024, at an average price of $58.02 per share, totaling approximately $913,815. The transaction comes as Synovus stock has shown remarkable strength, delivering an 80% return over the past year and maintaining dividend payments for 51 consecutive years, according to InvestingPro data.
In a separate transaction on the same day, Joseph purchased 7,500 shares at a price of $58.00 per share, amounting to $435,000. Following these transactions, Joseph holds 53,990 shares of Synovus Financial.
These transactions were partly conducted for personal tax planning purposes, as noted in the filing. The document also highlights compliance with Section 16(b) of the Securities Exchange Act of 1934, ensuring any profits from the sale and subsequent purchase of shares within a six-month period were returned to the company.
In other recent news, Synovus Financial Corp has reported robust Q3 earnings, citing stronger net interest income and lower credit loss provisions as key drivers. The company announced GAAP earnings per share of $1.18 and a 6% sequential rise in adjusted diluted EPS to $1.23. During this period, Synovus also completed approximately $100 million in share repurchases.
In light of these financial results, RBC (TSX:RY) Capital Markets maintained an Outperform rating on Synovus' shares and revised the price target to $57.00. Meanwhile, Citi analyst Benjamin Gerlinger increased the price target for Synovus to $59.00, maintaining a Buy rating.
In other recent developments, Synovus announced the promotion of Anne Fortner to Executive Vice President, Chief Credit Officer, effective March 31, 2025. Additionally, the company launched a $500 million offering of senior notes due in 2030, with the proceeds expected to be allocated towards general corporate purposes.
These recent developments reflect Synovus' strategic direction and financial performance. For Q4, Synovus provided an adjusted revenue guidance of $560 million to $575 million, anticipating a stable net interest margin. The company's focus remains on organic growth rather than acquisitions in the current market environment.
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