Teza Capital Management LLC Has $371,000 Holdings in Synovus Financial Corp. (NYSE:SNV)

Teza Capital Management LLC cut its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 74.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,241 shares of the bank's stock after selling 20,958 shares during the period. Teza Capital Management LLC's holdings in Synovus Financial were worth $371,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SNV. Park Avenue Securities LLC acquired a new position in Synovus Financial in the fourth quarter valued at about $254,000. Merit Financial Group LLC acquired a new position in Synovus Financial in the fourth quarter valued at about $224,000. SG Americas Securities LLC grew its stake in Synovus Financial by 11.0% in the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock valued at $643,000 after acquiring an additional 1,240 shares during the period. Janney Montgomery Scott LLC grew its stake in Synovus Financial by 4.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock valued at $2,631,000 after acquiring an additional 2,166 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of Synovus Financial by 934.0% during the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank's stock worth $12,638,000 after buying an additional 222,828 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $48.85 on Wednesday. The stock has a 50 day moving average price of $44.50 and a 200 day moving average price of $50.44. Synovus Financial Corp. has a 52 week low of $35.81 and a 52 week high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $6.79 billion, a PE ratio of 16.02, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a $0.39 dividend. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.19%. Synovus Financial's dividend payout ratio is currently 43.70%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SNV shares. Wells Fargo & Company reduced their price objective on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. DA Davidson reduced their price objective on Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, April 21st. Stephens reduced their price objective on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Truist Financial started coverage on Synovus Financial in a research report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their price objective on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $56.11.

Synovus Financial Company 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.

Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.