VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.92 Million in Synovus Financial Corp. $SNV

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 56,350 shares of the bank’s stock, valued at approximately $2,916,000.

A number of other hedge funds have also made changes to their positions in the company. Nordea Investment Management AB increased its position in shares of Synovus Financial by 0.3% during the 2nd quarter. Nordea Investment Management AB now owns 281,862 shares of the bank’s stock worth $14,668,000 after purchasing an additional 778 shares in the last quarter. Allianz Asset Management GmbH acquired a new stake in shares of Synovus Financial during the 2nd quarter worth about $1,644,000. New York State Teachers Retirement System increased its position in shares of Synovus Financial by 16.3% during the 2nd quarter. New York State Teachers Retirement System now owns 97,157 shares of the bank’s stock worth $5,028,000 after purchasing an additional 13,590 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in shares of Synovus Financial during the 2nd quarter worth about $173,000. Finally, Equitable Trust Co. increased its position in shares of Synovus Financial by 56.8% during the 2nd quarter. Equitable Trust Co. now owns 10,910 shares of the bank’s stock worth $565,000 after purchasing an additional 3,950 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Up 1.4%

Shares of NYSE:SNV opened at $45.95 on Tuesday. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company has a 50 day moving average of $49.57 and a 200-day moving average of $48.53. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of 8.57, a P/E/G ratio of 0.81 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping the consensus estimate of $1.36 by $0.10. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The company had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. During the same quarter in the previous year, the company earned $1.23 EPS. Synovus Financial’s revenue was up 9.0% on a year-over-year basis. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Thursday, September 18th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $1.56 annualized dividend and a yield of 3.4%. Synovus Financial’s dividend payout ratio (DPR) is presently 29.10%.

Insider Activity

In other news, Director Gregory G. Montana acquired 1,000 shares of Synovus Financial stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average price of $46.74 per share, with a total value of $46,740.00. Following the purchase, the director directly owned 4,341 shares of the company’s stock, valued at $202,898.34. The trade was a 29.93% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Diana M. Murphy acquired 1,000 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 8,040 shares of company stock worth $392,916 over the last quarter. 1.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SNV shares. JPMorgan Chase & Co. dropped their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Wall Street Zen upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Truist Financial dropped their target price on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday. UBS Group cut shares of Synovus Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $63.00 to $56.00 in a research report on Tuesday, September 2nd. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Eight analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial has a consensus rating of “Hold” and a consensus target price of $58.71.

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.