Thomas T. Dierdorff, Executive Vice President of Corporate and Investment Banking at Synovus (NYSE:SNV) Financial Corp. (NYSE:SNV), recently reported a series of stock transactions. On October 22, Dierdorff sold 1,841 shares of Synovus common stock at an average price of $48.80 per share, amounting to a total of $89,840. On the same day, he purchased an identical number of shares at $48.86 per share, totaling $89,951.
These transactions were part of Dierdorff's personal tax planning strategy, as noted in the filing. Importantly, despite the sale and purchase, his beneficial ownership of Synovus stock remained unchanged. Following these transactions, Dierdorff holds 14,833 shares of the company directly.
In other recent news, Synovus Financial Corp reported strong Q3 results, with GAAP earnings per share of $1.18 and a 6% rise in adjusted diluted EPS to $1.23, credited to a boost in net interest income and lower credit loss provisions. The company completed approximately $100 million in share repurchases during the quarter. RBC Capital Markets and Citi analysts both revised their price targets for Synovus, with RBC setting it at $57.00 and Citi at $59.00, both maintaining positive ratings on the stock.
These revisions followed Synovus' Q3 financial performance, which demonstrated a stable balance sheet and a reduction in credit costs. The company's strategic initiatives and balance sheet repositioning are anticipated to contribute to its financial stability and growth potential. In other recent developments, Synovus provided an adjusted revenue guidance of $560 million to $575 million for Q4.
The company's focus is on organic growth rather than acquisitions in the current market environment. It is expected that loan growth will exceed GDP growth by 100 to 200 basis points. These recent developments reflect a positive outlook for Synovus' future financial performance, with analysts expecting the company to continue to see success in the coming years.
InvestingPro Insights
While Thomas T. Dierdorff's recent stock transactions were part of his personal tax planning strategy, investors may find additional value in examining Synovus Financial Corp.'s (NYSE:SNV) broader financial picture. According to InvestingPro data, Synovus boasts a market capitalization of $6.98 billion and a P/E ratio of 22.17, suggesting a moderate valuation relative to earnings.
Notably, Synovus has demonstrated strong shareholder commitment, maintaining dividend payments for an impressive 51 consecutive years. This consistency aligns with an InvestingPro Tip highlighting the company's high shareholder yield. Currently, Synovus offers a dividend yield of 3.1%, which may appeal to income-focused investors.
The company's financial performance has been robust, with a significant price uptick of 35.6% over the last six months and a remarkable 101.72% total return over the past year. This positive momentum is further supported by another InvestingPro Tip indicating that seven analysts have revised their earnings upwards for the upcoming period, potentially signaling optimism about Synovus's near-term prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Synovus Financial Corp., providing deeper insights into the company's financial health and market position.
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