New York State Teachers Retirement System Decreases Position in Synovus Financial Corp. (NYSE:SNV)

New York State Teachers Retirement System lowered its holdings in Synovus Financial Corp. (NYSE:SNV) by 2.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 83,567 shares of the bank’s stock after selling 1,913 shares during the period. New York State Teachers Retirement System owned about 0.06% of Synovus Financial worth $4,281,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Keystone Financial Group Inc. acquired a new position in shares of Synovus Financial during the 4th quarter valued at $37,000. Quarry LP bought a new position in shares of Synovus Financial in the third quarter worth about $41,000. Brooklyn Investment Group bought a new position in Synovus Financial during the third quarter valued at about $56,000. V Square Quantitative Management LLC increased its stake in Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after acquiring an additional 466 shares during the period. Finally, Farther Finance Advisors LLC grew its stake in shares of Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after purchasing an additional 1,211 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

SNV has been the topic of several research reports. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective on the stock. The Goldman Sachs Group raised their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. Evercore ISI lifted their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, UBS Group started coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Synovus Financial Trading Down 2.2 %

NYSE:SNV opened at $54.01 on Friday. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a 50-day moving average of $53.75 and a 200-day moving average of $50.24. The company has a market cap of $7.65 billion, a PE ratio of 17.71, a PEG ratio of 1.15 and a beta of 1.39.

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

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is 49.84%.

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.