Teacher Retirement System of Texas Raises Stake in Synovus Financial Corp. (NYSE:SNV)

Teacher Retirement System of Texas boosted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 13.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,792 shares of the bank's stock after purchasing an additional 4,783 shares during the period. Teacher Retirement System of Texas' holdings in Synovus Financial were worth $1,907,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in SNV. Colonial Trust Co SC lifted its stake in shares of Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after purchasing an additional 499 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after purchasing an additional 461 shares during the period. Millstone Evans Group LLC bought a new position in shares of Synovus Financial in the 4th quarter worth approximately $59,000. Quent Capital LLC lifted its stake in shares of Synovus Financial by 205.6% in the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock worth $84,000 after purchasing an additional 1,209 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of Synovus Financial by 142.3% in the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after purchasing an additional 1,063 shares during the period. Institutional investors own 83.85% of the company's stock.

Analyst Ratings Changes

SNV has been the topic of a number of recent research reports. Barclays raised their target price on Synovus Financial from $60.00 to $67.00 and gave the stock an "overweight" rating in a report on Tuesday. DA Davidson decreased their target price on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, April 21st. Raymond James Financial cut Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Morgan Stanley decreased their target price on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Finally, Jefferies Financial Group started coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target for the company. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.35.

Synovus Financial Trading Down 1.0%

Shares of SNV traded down $0.55 during midday trading on Friday, hitting $54.56. The stock had a trading volume of 1,835,950 shares, compared to its average volume of 1,368,205. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $59.92. The firm has a market cap of $7.58 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 1.05 and a beta of 1.19. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.88. The stock's 50 day moving average is $49.30 and its 200 day moving average is $49.12.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. As a group, analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were given a dividend of $0.39 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 annualized dividend and a dividend yield of 2.86%. Synovus Financial's dividend payout ratio (DPR) is presently 43.70%.

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.