State of New Jersey Common Pension Fund D Lowers Position in Synovus Financial Corp. (NYSE:SNV)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 1.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,038 shares of the bank’s stock after selling 565 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Synovus Financial were worth $2,225,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SNV. V Square Quantitative Management LLC purchased a new position in shares of Synovus Financial during the third quarter worth about $30,000. UMB Bank n.a. increased its holdings in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Synovus Financial during the 2nd quarter valued at $43,000. Abich Financial Wealth Management LLC lifted its holdings in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the last quarter. Finally, Headlands Technologies LLC grew its position in Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SNV. DA Davidson raised their price target on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Wells Fargo & Company cut shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Finally, Stephens increased their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.71.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $55.66 on Friday. The business has a 50 day moving average of $47.57 and a 200 day moving average of $43.30. Synovus Financial Corp. has a 52 week low of $29.34 and a 52 week high of $59.79. The company has a market cap of $7.89 billion, a PE ratio of 25.19, a P/E/G ratio of 2.10 and a beta of 1.37. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 EPS. As a group, equities research analysts forecast that Synovus Financial Corp. will post 4.36 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.73%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Synovus Financial 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.