Louisiana State Employees Retirement System Invests $1.55 Million in Synovus Financial Corp. (NYSE:SNV)

Louisiana State Employees Retirement System acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 41,100 shares of the bank's stock, valued at approximately $1,547,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Simplicity Solutions LLC bought a new stake in Synovus Financial during the 4th quarter valued at $255,000. Montgomery Investment Management Inc. raised its position in Synovus Financial by 1.8% during the 4th quarter. Montgomery Investment Management Inc. now owns 65,632 shares of the bank's stock valued at $2,471,000 after purchasing an additional 1,174 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new stake in Synovus Financial during the 4th quarter valued at $42,000. Impax Asset Management Group plc bought a new stake in Synovus Financial during the 4th quarter valued at $694,000. Finally, Allspring Global Investments Holdings LLC raised its position in Synovus Financial by 11.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 303,132 shares of the bank's stock valued at $11,413,000 after purchasing an additional 31,802 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the business's stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Tim E. Bentsen sold 4,671 shares of the company's 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 sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company's stock in a transaction dated Tuesday, January 23rd. The stock was 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 in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. Company insiders own 0.81% of the company's stock.

Synovus Financial Stock Performance

Synovus Financial stock traded up $1.01 during trading hours on Friday, hitting $34.91. 2,607,236 shares of the stock traded hands, compared to its average volume of 1,341,278. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The firm's 50 day moving average price is $37.91 and its 200-day moving average price is $34.63. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 3.75 and a beta of 1.40. Synovus Financial Corp. has a 1 year low of $24.40 and a 1 year high of $40.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to analysts' expectations of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.33 EPS. As a group, equities analysts expect that Synovus Financial Corp. will post 3.97 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.35%. Synovus Financial's payout ratio is presently 52.05%.

Analysts Set New Price Targets

Several research analysts have recently commented on SNV shares. Piper Sandler reduced their price target on Synovus Financial from $46.00 to $42.00 and set an "overweight" rating for the company in a research report on Friday. Morgan Stanley boosted their price target on Synovus Financial from $29.00 to $37.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 7th. UBS Group boosted their price target on Synovus Financial from $42.00 to $44.00 and gave the stock a "buy" rating in a research report on Tuesday, January 23rd. Jefferies Financial Group reduced their price target on Synovus Financial from $46.00 to $43.00 and set a "buy" rating for the company in a research report on Monday, April 8th. Finally, Evercore ISI boosted their price target on 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, seven have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $41.53.

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.