Retirement Systems of Alabama Reduces Holdings in Synovus Financial Corp. $SNV

Retirement Systems of Alabama decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 520,106 shares of the bank’s stock after selling 1,911 shares during the period. Retirement Systems of Alabama’s holdings in Synovus Financial were worth $26,915,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in SNV. AQR Capital Management LLC boosted its stake in shares of Synovus Financial by 168.2% during the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock worth $130,546,000 after purchasing an additional 1,791,973 shares during the period. Bank of New York Mellon Corp lifted its stake in Synovus Financial by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank’s stock worth $73,748,000 after purchasing an additional 86,694 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Synovus Financial by 1.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank’s stock valued at $41,394,000 after buying an additional 12,036 shares during the period. Invesco Ltd. boosted its position in shares of Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock valued at $38,363,000 after buying an additional 548,092 shares during the period. Finally, Wedge Capital Management L L P NC grew its stake in shares of Synovus Financial by 0.4% during the second quarter. Wedge Capital Management L L P NC now owns 703,947 shares of the bank’s stock valued at $36,429,000 after buying an additional 2,983 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SNV. Keefe, Bruyette & Woods lowered Synovus Financial from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $65.00 to $50.00 in a research note on Tuesday, August 12th. Wall Street Zen upgraded Synovus Financial from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Truist Financial decreased their target price on Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, October 17th. JPMorgan Chase & Co. cut their price target on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Finally, Morgan Stanley raised their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Friday, July 18th. Eight equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.00.

Synovus Financial Price Performance

Shares of SNV opened at $44.18 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The company has a 50 day moving average price of $48.89 and a 200-day moving average price of $48.76. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The stock has a market capitalization of $6.13 billion, a PE ratio of 8.24, a PEG ratio of 0.77 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.10. The company had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. Synovus Financial’s revenue was up 9.0% compared to the same quarter last year. During the same period last year, the company posted $1.23 earnings per share. Equities analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s payout ratio is presently 29.10%.

Insider Buying and Selling at Synovus Financial

In related news, Director Gregory G. Montana acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average price of $45.37 per share, with a total value of $45,370.00. Following the completion of the transaction, the director directly owned 5,464 shares in the company, valued at $247,901.68. This trade represents a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is owned by company insiders.

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.