State of Alaska Department of Revenue Boosts Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

State of Alaska Department of Revenue raised its stake in Synovus Financial Corp. (NYSE:SNV) by 7.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,928 shares of the bank’s stock after purchasing an additional 1,135 shares during the quarter. State of Alaska Department of Revenue’s holdings in Synovus Financial were worth $752,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares during the period. Wedge Capital Management L L P NC lifted its stake in shares of Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after purchasing an additional 148,842 shares in the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Synovus Financial during the 2nd quarter worth about $19,434,000. Finally, Interval Partners LP increased its position in Synovus Financial by 14.5% during the 2nd quarter. Interval Partners LP now owns 445,160 shares of the bank’s stock worth $17,891,000 after purchasing an additional 56,486 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Up 17.4 %

Shares of NYSE:SNV opened at $58.46 on Thursday. The company has a 50 day moving average of $45.89 and a 200-day moving average of $42.38. 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 firm has a market cap of $8.42 billion, a P/E ratio of 26.45, a P/E/G ratio of 1.76 and a beta of 1.37. Synovus Financial Corp. has a twelve month low of $26.76 and a twelve month high of $58.66.

Synovus Financial (NYSE:SNV) last released its earnings results 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 return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same period in the prior year, the firm posted $0.84 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts anticipate that Synovus Financial Corp. will post 4.36 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is currently 68.78%.

Analysts Set New Price Targets

SNV has been the topic of a number of recent research reports. Wells Fargo & Company cut shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Truist Financial lifted their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Stephens raised their price objective on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Finally, Evercore ISI upped their target price on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.24.

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.