New York State Common Retirement Fund Trims Stake in Synovus Financial Corp. (NYSE:SNV)

New York State Common Retirement Fund decreased its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 6.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 439,551 shares of the bank's stock after selling 28,274 shares during the quarter. New York State Common Retirement Fund owned approximately 0.31% of Synovus Financial worth $20,545,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Stieven Capital Advisors L.P. grew its position in shares of Synovus Financial by 24.5% during the 1st quarter. Stieven Capital Advisors L.P. now owns 297,542 shares of the bank's stock worth $13,907,000 after buying an additional 58,500 shares in the last quarter. State of Michigan Retirement System boosted its position in Synovus Financial by 0.9% during the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock valued at $1,580,000 after purchasing an additional 300 shares in the last quarter. Cerity Partners LLC boosted its position in Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock valued at $1,116,000 after purchasing an additional 8,059 shares in the last quarter. Correct Capital Wealth Management boosted its position in Synovus Financial by 2.7% during the first quarter. Correct Capital Wealth Management now owns 27,864 shares of the bank's stock valued at $1,302,000 after purchasing an additional 725 shares in the last quarter. Finally, Greenleaf Trust boosted its position in Synovus Financial by 5.2% during the first quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock valued at $300,000 after purchasing an additional 318 shares in the last quarter. Institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded up $1.03 during trading on Friday, hitting $54.88. The stock had a trading volume of 760,462 shares, compared to its average volume of 1,361,928. The stock has a 50-day simple moving average of $50.14 and a two-hundred day simple moving average of $49.20. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $7.63 billion, a price-to-earnings ratio of 10.49, a price-to-earnings-growth ratio of 1.01 and a beta of 1.19. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating the consensus estimate of $1.25 by $0.23. The company had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a return on equity of 16.44% and a net margin of 21.52%. During the same period last year, the company earned $1.16 earnings per share. On average, equities research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio is presently 43.70%.

Analyst Upgrades and Downgrades

SNV has been the topic of a number of recent research reports. Stephens dropped their price objective on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Truist Financial raised their price objective on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Keefe, Bruyette & Woods raised Synovus Financial from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $58.00 to $65.00 in a research report on Friday. Barclays raised their price objective on Synovus Financial from $60.00 to $67.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. increased their price target on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.67.

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.