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

California Public Employees Retirement System trimmed its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 6.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 244,951 shares of the bank’s stock after selling 15,610 shares during the period. California Public Employees Retirement System’s holdings in Synovus Financial were worth $12,549,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Keystone Financial Group Inc. acquired a new stake in Synovus Financial in the fourth quarter valued at $37,000. Quarry LP bought a new position in Synovus Financial in the 3rd quarter worth about $41,000. Jones Financial Companies Lllp grew its stake in shares of Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after purchasing an additional 461 shares in the last quarter. V Square Quantitative Management LLC raised its holdings 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 worth $58,000 after purchasing an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Synovus Financial in the fourth quarter worth about $59,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Down 4.7 %

Shares of NYSE:SNV opened at $38.21 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm 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 12 month low of $33.44 and a 12 month high of $59.92. The company’s 50-day moving average price is $50.40 and its two-hundred day moving average price is $51.09.

Synovus Financial (NYSE:SNV) last issued its quarterly 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 business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Synovus Financial’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.80 earnings per share. As a group, research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a $0.39 dividend. 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 51.15%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SNV. Stephens reaffirmed an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Piper Sandler increased their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. UBS Group started coverage on Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 price target on the stock. Finally, Raymond James cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $58.67.

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.