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

State of New Jersey Common Pension Fund D lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 32.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,603 shares of the bank’s stock after selling 24,226 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Synovus Financial were worth $2,034,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP lifted its stake in shares of Synovus Financial by 56.9% during the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after purchasing an additional 2,843,488 shares during the last quarter. Norges Bank purchased a new stake in shares of Synovus Financial during the fourth quarter valued at about $59,941,000. rhino investment partners Inc boosted its holdings in shares of Synovus Financial by 119.9% in the 4th quarter. rhino investment partners Inc now owns 473,391 shares of the bank’s stock valued at $17,823,000 after buying an additional 258,148 shares in the last quarter. Interval Partners LP grew its position in shares of Synovus Financial by 74.2% in the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock worth $15,570,000 after buying an additional 165,548 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its position in shares of Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after buying an additional 148,842 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SNV. Wells Fargo & Company raised their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Piper Sandler boosted their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Morgan Stanley increased their price target on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday. Finally, Royal Bank of Canada upped their price objective on shares of Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average target price of $46.81.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.81% of the company’s stock.

Synovus Financial Trading Down 1.3 %

Shares of Synovus Financial stock opened at $45.00 on Friday. Synovus Financial Corp. has a 1 year low of $24.40 and a 1 year high of $47.83. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market cap of $6.59 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 3.50 and a beta of 1.39. The firm has a fifty day moving average price of $44.26 and a 200 day moving average price of $40.43.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.20. The business had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.16 EPS. Equities research analysts predict that Synovus Financial Corp. will post 4.05 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be given a $0.38 dividend. The ex-dividend date is Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 3.38%. Synovus Financial’s dividend payout ratio is presently 52.05%.

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.