Synovus Financial Corp. (NYSE:SNV) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System trimmed its holdings in Synovus Financial Corp. (NYSE:SNV) by 3.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,900 shares of the bank’s stock after selling 1,500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Synovus Financial were worth $1,774,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in shares of Synovus Financial during the 3rd quarter valued at approximately $30,000. UMB Bank n.a. raised its position in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares during the period. Innealta Capital LLC purchased a new stake in shares of Synovus Financial during the 2nd quarter valued at approximately $43,000. Abich Financial Wealth Management LLC raised its position in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after buying an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Synovus Financial during the 1st quarter valued at approximately $51,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Up 1.4 %

Shares of Synovus Financial stock opened at $50.51 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average of $45.55 and a two-hundred day moving average of $41.95. Synovus Financial Corp. has a 12-month low of $25.52 and a 12-month high of $51.69. The stock has a market cap of $7.27 billion, a PE ratio of 22.86, a price-to-earnings-growth ratio of 1.76 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period last year, the company posted $0.84 EPS. The company’s revenue was up 2.6% on a year-over-year basis. On average, research analysts anticipate that Synovus Financial Corp. will post 4.34 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.01%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. DA Davidson lifted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Morgan Stanley increased their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Evercore ISI increased their target price on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday. Finally, Piper Sandler raised their price objective on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and an average price target of $52.24.

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.