California Public Employees Retirement System Reduces Position in Synovus Financial Corp. (NYSE:SNV)

California Public Employees Retirement System trimmed its holdings in Synovus Financial Corp. (NYSE:SNV) by 6.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 244,951 shares of the bank’s stock after selling 15,610 shares during the quarter. California Public Employees Retirement System owned approximately 0.17% of Synovus Financial worth $12,549,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in SNV. Intrust Bank NA raised its holdings in shares of Synovus Financial by 3.1% in the 4th quarter. Intrust Bank NA now owns 13,113 shares of the bank’s stock valued at $672,000 after purchasing an additional 398 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Synovus Financial by 16.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 22,032 shares of the bank’s stock worth $1,129,000 after purchasing an additional 3,142 shares during the last quarter. Norges Bank acquired a new stake in shares of Synovus Financial in the fourth quarter worth $77,209,000. Blair William & Co. IL raised its stake in shares of Synovus Financial by 6.4% during the 4th quarter. Blair William & Co. IL now owns 6,241 shares of the bank’s stock valued at $320,000 after buying an additional 374 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Synovus Financial by 20.1% during the fourth quarter. JPMorgan Chase & Co. now owns 435,543 shares of the bank’s stock valued at $22,313,000 after acquiring an additional 72,745 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Stephens reiterated an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Citigroup increased their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Raymond James downgraded Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a research note on Thursday, December 12th. Finally, Piper Sandler increased their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Stock Down 4.7 %

SNV stock opened at $38.21 on Friday. The company’s 50-day moving average price is $50.40 and its 200 day moving average price is $51.09. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market cap of $5.39 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter last year, the business posted $0.80 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.08%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is currently 51.15%.

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.