New York State Teachers Retirement System Has $3.80 Million Stake in Synovus Financial Corp. (NYSE:SNV)

New York State Teachers Retirement System decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 1.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 85,480 shares of the bank’s stock after selling 925 shares during the period. New York State Teachers Retirement System owned about 0.06% of Synovus Financial worth $3,801,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new position in shares of Synovus Financial in the 3rd quarter valued at about $30,000. UMB Bank n.a. increased its holdings in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares during the period. Innealta Capital LLC acquired a new position in shares of Synovus Financial in the 2nd quarter valued at about $43,000. Abich Financial Wealth Management LLC increased its holdings in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the period. Finally, Headlands Technologies LLC increased its holdings in shares of Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,105 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Evercore ISI increased their price objective on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Morgan Stanley increased their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Barclays lifted their price objective on Synovus Financial from $49.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.24.

Synovus Financial Stock Performance

SNV opened at $58.46 on Thursday. 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’s fifty day moving average price is $45.89 and its two-hundred day moving average price is $42.38. 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 Corp. has a 1-year low of $26.76 and a 1-year high of $58.66.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same quarter in the prior year, the business posted $0.84 EPS. The business’s revenue was up 2.6% compared to the same quarter last year. On average, analysts expect that Synovus Financial Corp. will post 4.36 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Thursday, September 19th. 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.