Retirement Systems of Alabama Sells 2,639 Shares of Synovus Financial Corp. (NYSE:SNV)

Retirement Systems of Alabama lowered its holdings in Synovus Financial Corp. (NYSE:SNV) by 0.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 522,452 shares of the bank’s stock after selling 2,639 shares during the period. Retirement Systems of Alabama’s holdings in Synovus Financial were worth $26,765,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SNV. Wellington Management Group LLP increased its stake in Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares during the period. FMR LLC boosted its position in Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after buying an additional 598,644 shares in the last quarter. TruWealth Advisors LLC acquired a new position in Synovus Financial in the fourth quarter valued at about $12,350,000. Blue Trust Inc. boosted its position in Synovus Financial by 934.0% in the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock valued at $12,638,000 after buying an additional 222,828 shares in the last quarter. Finally, State Street Corp boosted its position in Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after buying an additional 201,362 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Up 0.5 %

SNV opened at $56.55 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 18.54, a price-to-earnings-growth ratio of 1.17 and a beta of 1.39. The firm has a 50 day simple moving average of $53.89 and a 200 day simple moving average of $49.56. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same period in the previous year, the firm posted $0.80 earnings per share. Synovus Financial’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.69%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s payout ratio is presently 49.84%.

Wall Street Analyst Weigh In

SNV has been the topic of a number of recent analyst reports. Piper Sandler boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Morgan Stanley boosted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Barclays boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Stephens restated an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, Wells Fargo & Company upped their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.44.

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.