New York State Common Retirement Fund Cuts Stake in Synovus Financial Corp. (NYSE:SNV)

New York State Common Retirement Fund lowered its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 11.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 461,041 shares of the bank’s stock after selling 59,172 shares during the period. New York State Common Retirement Fund’s holdings in Synovus Financial were worth $20,502,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Janney Montgomery Scott LLC grew its holdings in Synovus Financial by 2.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 49,151 shares of the bank’s stock valued at $1,969,000 after buying an additional 953 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in Synovus Financial during the 1st quarter valued at approximately $51,000. Nordea Investment Management AB grew its holdings in Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after buying an additional 64,621 shares in the last quarter. Signaturefd LLC raised its position in shares of Synovus Financial by 10.1% during the 1st quarter. Signaturefd LLC now owns 56,073 shares of the bank’s stock valued at $2,246,000 after buying an additional 5,143 shares in the last quarter. Finally, WBI Investments LLC lifted its holdings in shares of Synovus Financial by 4.9% in the 1st quarter. WBI Investments LLC now owns 12,908 shares of the bank’s stock valued at $517,000 after acquiring an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SNV. Morgan Stanley boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Piper Sandler boosted their target price on Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Royal Bank of Canada raised their price target on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Tuesday, September 17th. Finally, DA Davidson raised their target price on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $52.24.

Synovus Financial Trading Down 1.4 %

SNV opened at $48.70 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock’s fifty day moving average is $45.74 and its two-hundred day moving average is $42.17. The company has a market capitalization of $7.01 billion, a P/E ratio of 22.04, a PEG ratio of 1.81 and a beta of 1.37. Synovus Financial Corp. has a 52 week low of $26.76 and a 52 week high of $51.69.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same period in the previous year, the company posted $0.84 earnings per share. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. Analysts forecast that Synovus Financial Corp. will post 4.34 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.12%. Synovus Financial’s payout ratio is presently 68.78%.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.