Synovus Financial Corp. $SNV Position Increased by New York State Teachers Retirement System

Key Points

• The New York State Teachers Retirement System increased its stake in Synovus Financial Corp. by 16.3%, now owning 97,157 shares valued at approximately $5 million.
• Synovus Financial reported earnings of $1.46 per share for the last quarter, surpassing estimates and showing a 9% year-over-year revenue increase.
• Insiders at Synovus Financial have recently acquired shares, with CEO Kevin S. Blair purchasing 4,040 shares for around $200,000, increasing their ownership by 2.52%.

New York State Teachers Retirement System increased its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 16.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,157 shares of the bank's stock after acquiring an additional 13,590 shares during the period. New York State Teachers Retirement System owned about 0.07% of Synovus Financial worth $5,028,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cerity Partners LLC raised its holdings in shares of Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock worth $1,116,000 after acquiring an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in Synovus Financial during the first quarter worth $251,000. Jackson Creek Investment Advisors LLC acquired a new position in Synovus Financial during the first quarter worth $237,000. Tradewinds LLC. acquired a new position in Synovus Financial during the first quarter worth $351,000. Finally, Stephens Inc. AR acquired a new position in Synovus Financial during the first quarter worth $310,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Truist Financial lowered their target price on shares of Synovus Financial from $56.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday. UBS Group downgraded shares of Synovus Financial from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $63.00 to $56.00 in a research report on Tuesday, September 2nd. DA Davidson reissued a "buy" rating and set a $63.00 target price on shares of Synovus Financial in a research report on Thursday, October 16th. Royal Bank Of Canada lowered their target price on shares of Synovus Financial from $65.00 to $58.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, Barclays lowered their target price on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Eight research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $58.71.

Synovus Financial Trading Up 1.4%

Shares of NYSE:SNV opened at $45.95 on Tuesday. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. The company has a market cap of $6.38 billion, a P/E ratio of 8.57, a P/E/G ratio of 0.81 and a beta of 1.21. The stock's 50-day moving average is $49.57 and its 200-day moving average is $48.53. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The business had revenue of $612.79 million for the quarter, compared to the consensus estimate of $604.59 million. During the same period last year, the business earned $1.23 earnings per share. The firm's revenue for the quarter was up 9.0% compared to the same quarter last year. Equities research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Thursday, September 18th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.4%. Synovus Financial's dividend payout ratio (DPR) is 29.10%.

Insider Transactions at Synovus Financial

In other news, CEO Kevin S. Blair bought 4,040 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $49.40 per share, with a total value of $199,576.00. Following the completion of the transaction, the chief executive officer directly owned 164,378 shares in the company, valued at $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory G. Montana bought 1,000 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average cost of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the transaction, the director owned 4,341 shares of the company's stock, valued at $202,898.34. This represents a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 8,040 shares of company stock valued at $392,916 in the last ninety days. 1.00% of the stock is owned by corporate insiders.

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.

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