Teachers Retirement System of The State of Kentucky Cuts Holdings in Synovus Financial Corp. (NYSE:SNV)

Teachers Retirement System of The State of Kentucky decreased its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 15.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,672 shares of the bank's stock after selling 16,141 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.06% of Synovus Financial worth $4,238,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its holdings in shares of Synovus Financial by 0.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock valued at $2,412,000 after acquiring an additional 249 shares during the last quarter. State of Michigan Retirement System lifted its holdings in shares of Synovus Financial by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock valued at $1,580,000 after acquiring an additional 300 shares during the last quarter. Greenleaf Trust lifted its holdings in shares of Synovus Financial by 5.2% in the 1st quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock valued at $300,000 after acquiring an additional 318 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Synovus Financial by 5.6% in the 4th quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock valued at $340,000 after acquiring an additional 352 shares during the last quarter. Finally, Blair William & Co. IL lifted its holdings in shares of Synovus Financial by 6.4% in the 4th quarter. Blair William & Co. IL now owns 6,241 shares of the bank's stock valued at $320,000 after acquiring an additional 374 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Performance

Shares of SNV stock opened at $55.56 on Tuesday. The firm has a market cap of $7.72 billion, a price-to-earnings ratio of 10.60, a PEG ratio of 1.01 and a beta of 1.19. The company's 50 day moving average is $50.33 and its 200 day moving average is $49.21. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week 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 earnings per share (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 net margin of 21.52% and a return on equity of 16.20%. During the same period last year, the company posted $1.16 earnings per share. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's payout ratio is 29.94%.

Analyst Upgrades and Downgrades

SNV has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target for the company. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Morgan Stanley raised their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Friday. Stephens decreased their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Finally, DA Davidson raised their price objective on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.67.

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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