State of Michigan Retirement System Lowers Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

State of Michigan Retirement System lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 2.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 33,504 shares of the bank’s stock after selling 700 shares during the period. State of Michigan Retirement System’s holdings in Synovus Financial were worth $1,716,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SNV. Thrivent Financial for Lutherans grew its position in shares of Synovus Financial by 7.6% during the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after purchasing an additional 10,346 shares in the last quarter. Nordea Investment Management AB boosted its stake in Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock worth $14,261,000 after purchasing an additional 10,109 shares during the period. Quest Partners LLC bought a new stake in shares of Synovus Financial during the third quarter valued at approximately $1,264,000. Quantinno Capital Management LP lifted its holdings in shares of Synovus Financial by 25.1% in the third quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock worth $2,183,000 after buying an additional 9,852 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after acquiring an additional 147,599 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Price Performance

SNV stock opened at $46.81 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The stock has a market cap of $6.59 billion, a PE ratio of 15.35, a P/E/G ratio of 1.11 and a beta of 1.36. The company has a 50-day moving average price of $53.37 and a 200 day moving average price of $50.93.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the prior year, the firm posted $0.80 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. Equities research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.33%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is 51.15%.

Analyst Ratings Changes

A number of brokerages have issued reports on SNV. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Citigroup lifted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Stephens reissued an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Piper Sandler lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Finally, Wells Fargo & Company upped their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

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.