Synovus Financial Corp. (NYSE:SNV) Shares Sold by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund cut its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,819 shares of the bank’s stock after selling 500 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Synovus Financial were worth $1,476,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. FMR LLC raised its position in shares of Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the period. Wellington Management Group LLP raised its position in shares of Synovus Financial by 12.8% during the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares during the period. State Street Corp raised its position in shares of Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after purchasing an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after purchasing an additional 147,599 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Synovus Financial by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after purchasing an additional 22,549 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of recent analyst reports. Stephens reaffirmed an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. The Goldman Sachs Group upped their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Piper Sandler upped their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. UBS Group started coverage on Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.44.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $51.86 on Friday. The business’s 50-day moving average price is $53.68 and its two-hundred day moving average price is $50.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company has a market capitalization of $7.35 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 EPS. Analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.93%. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

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.