Texas Permanent School Fund Corp Boosts Position in Synovus Financial Corp. (NYSE:SNV)

Texas Permanent School Fund Corp raised its stake in Synovus Financial Corp. (NYSE:SNV) by 19.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 153,017 shares of the bank’s stock after buying an additional 25,028 shares during the period. Texas Permanent School Fund Corp owned about 0.10% of Synovus Financial worth $6,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in SNV. Nordea Investment Management AB boosted its holdings in shares of 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 purchasing an additional 64,621 shares during the period. &PARTNERS bought a new position in shares of Synovus Financial during the 2nd quarter worth $284,000. Eventide Asset Management LLC purchased a new position in shares of Synovus Financial during the fourth quarter valued at $968,000. Private Capital Management LLC raised its holdings in shares of 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 acquiring 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 worth $1,852,000 after acquiring an additional 22,621 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on SNV. Stephens boosted their price objective on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. upped their price objective on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. 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 note on Wednesday, July 3rd. Wells Fargo & Company increased their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Finally, Piper Sandler boosted their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.44.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial 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 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 legal filing with the SEC, which is accessible through this link. Insiders own 0.81% of the company’s stock.

Synovus Financial Stock Down 1.2 %

NYSE:SNV opened at $42.78 on Thursday. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $47.83. The stock’s fifty day moving average is $43.73 and its two-hundred day moving average is $40.15. The stock has a market capitalization of $6.16 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 3.33 and a beta of 1.39. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million for the quarter, compared to analyst estimates 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 was down .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 earnings per share. Research analysts anticipate that Synovus Financial Corp. will post 4.05 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be issued a $0.38 dividend. The ex-dividend date 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%.

About Synovus Financial

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.