New York State Teachers Retirement System Sells 925 Shares of Synovus Financial Corp. (NYSE:SNV)

New York State Teachers Retirement System lowered its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 1.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 85,480 shares of the bank’s stock after selling 925 shares during the period. New York State Teachers Retirement System’s holdings in Synovus Financial were worth $3,801,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in shares of Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after buying an additional 229 shares in the last quarter. Fifth Third Bancorp grew its stake in Synovus Financial by 7.0% during the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after acquiring an additional 245 shares in the last quarter. Dana Investment Advisors Inc. grew its stake in Synovus Financial by 0.7% during the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after acquiring an additional 254 shares in the last quarter. Pitcairn Co. grew its stake in Synovus Financial by 2.3% during the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after acquiring an additional 261 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Synovus Financial by 18.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after purchasing an additional 298 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Bank of America increased their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Piper Sandler lifted their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Tuesday, September 17th. Truist Financial lifted their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus target price of $52.24.

Synovus Financial Price Performance

SNV stock opened at $58.46 on Thursday. The firm has a 50 day moving average of $45.89 and a 200-day moving average of $42.38. Synovus Financial Corp. has a 12-month low of $26.76 and a 12-month high of $58.66. 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 market cap of $8.42 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 1.76 and a beta of 1.37.

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. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the company posted $0.84 EPS. As a group, equities analysts expect that Synovus Financial Corp. will post 4.36 EPS for the current fiscal year.

Synovus Financial Announces Dividend

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

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.