Strs Ohio Invests $16.42 Million in Synovus Financial Corp. (NYSE:SNV)

Strs Ohio bought a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 436,000 shares of the bank's stock, valued at approximately $16,415,000. Strs Ohio owned approximately 0.30% of Synovus Financial at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in SNV. Allworth Financial LP increased its stake in shares of Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank's stock worth $27,000 after purchasing an additional 557 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Synovus Financial during the 4th quarter worth approximately $28,000. Lazard Asset Management LLC increased its stake in shares of Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank's stock worth $30,000 after purchasing an additional 318 shares in the last quarter. Covestor Ltd increased its stake in shares of Synovus Financial by 76.7% during the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank's stock worth $53,000 after purchasing an additional 472 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its stake in shares of Synovus Financial by 138.0% during the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank's stock worth $34,000 after purchasing an additional 635 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SNV shares. JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $46.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, April 4th. Barclays began coverage on shares of Synovus Financial in a research report on Friday, March 8th. They set an "equal weight" rating and a $42.00 target price on the stock. StockNews.com lowered shares of Synovus Financial from a "hold" rating to a "sell" rating in a research report on Thursday, February 15th. Stephens began coverage on shares of Synovus Financial in a research report on Tuesday, December 19th. They set an "equal weight" rating and a $40.00 target price on the stock. Finally, Evercore ISI raised their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an "in-line" rating in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.50.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now owns 11,086 shares of the company's stock, valued at approximately $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company's stock.

Synovus Financial Trading Down 0.1 %

Shares of SNV traded down $0.03 during mid-day trading on Wednesday, reaching $36.60. The company had a trading volume of 1,809,345 shares, compared to its average volume of 1,438,021. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 3.95 and a beta of 1.40. The firm has a fifty day simple moving average of $37.93 and a 200-day simple moving average of $34.45. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $40.92.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.14). Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The company had revenue of $488.68 million during the quarter, compared to analyst estimates of $527.60 million. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.05 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were paid a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.15%. Synovus Financial's dividend payout ratio (DPR) is currently 43.93%.

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.