Arizona State Retirement System Has $1.65 Million Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Arizona State Retirement System grew its position in Synovus Financial Corp. (NYSE:SNV) by 2.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 40,989 shares of the bank’s stock after buying an additional 798 shares during the period. Arizona State Retirement System’s holdings in Synovus Financial were worth $1,647,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Nordea Investment Management AB grew its stake in Synovus Financial by 24.5% in the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after acquiring an additional 64,621 shares during the period. &PARTNERS bought a new stake in Synovus Financial during the 2nd quarter worth approximately $284,000. Eventide Asset Management LLC acquired a new stake in Synovus Financial during the 4th quarter worth approximately $968,000. Private Capital Management LLC lifted its stake in Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after buying an additional 21,456 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake in Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after buying an additional 22,621 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Morgan Stanley raised their price objective on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Piper Sandler boosted their price target on Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Truist Financial upped their price objective on Synovus Financial from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Jefferies Financial Group lifted their target price on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Finally, Stephens upped their price target on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.44.

Synovus Financial Stock Performance

NYSE SNV opened at $42.78 on Thursday. The firm has a market capitalization of $6.16 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 3.33 and a beta of 1.39. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The firm’s fifty day moving average price is $43.73 and its two-hundred day moving average price is $40.15. Synovus Financial Corp. has a 1 year low of $24.40 and a 1 year high of $47.83.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. During the same period in the prior year, the firm earned $1.16 EPS. Synovus Financial’s quarterly revenue was down .7% compared to the same quarter last year. As a group, research analysts anticipate that Synovus Financial Corp. will post 4.05 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.55%. Synovus Financial’s payout ratio is 52.05%.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now 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 can be accessed through this hyperlink. 0.81% of the stock is currently owned by corporate 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.