State of New Jersey Common Pension Fund D Lowers Holdings in Synovus Financial Corp. (NYSE:SNV)

State of New Jersey Common Pension Fund D cut its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 1.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,038 shares of the bank’s stock after selling 565 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Synovus Financial were worth $2,225,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. &PARTNERS bought a new stake in Synovus Financial during the 2nd quarter valued at about $284,000. Texas Permanent School Fund Corp lifted its position in Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after acquiring an additional 25,028 shares in the last quarter. Private Capital Management LLC boosted its stake in Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after purchasing an additional 21,456 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Synovus Financial by 92.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock worth $1,852,000 after purchasing an additional 22,621 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Synovus Financial by 81.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after purchasing an additional 103,891 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $55.66 on Friday. The stock has a market cap of $7.89 billion, a PE ratio of 25.19, a price-to-earnings-growth ratio of 2.10 and a beta of 1.37. Synovus Financial Corp. has a 1 year low of $29.34 and a 1 year high of $59.79. The firm has a fifty day moving average price of $47.57 and a 200-day moving average price of $43.30. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.84 earnings per share. Equities analysts anticipate that Synovus Financial Corp. will post 4.36 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.73%. Synovus Financial’s payout ratio is 68.78%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Bank of America boosted their target price on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Citigroup set a $59.00 price objective on shares of Synovus Financial in a research report on Friday, October 18th. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Truist Financial boosted their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, DA Davidson raised their price target on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.71.

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.