New York State Common Retirement Fund Has $21.49 Million Position in Synovus Financial Corp. (NYSE:SNV)

New York State Common Retirement Fund grew its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 346.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 570,880 shares of the bank's stock after acquiring an additional 443,056 shares during the quarter. New York State Common Retirement Fund owned 0.39% of Synovus Financial worth $21,494,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Phocas Financial Corp. bought a new position in shares of Synovus Financial during the fourth quarter worth about $7,115,000. American Century Companies Inc. grew its holdings in shares of Synovus Financial by 46.0% during the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank's stock worth $26,631,000 after buying an additional 301,604 shares in the last quarter. Prudential PLC bought a new position in shares of Synovus Financial during the third quarter worth about $1,025,000. rhino investment partners Inc bought a new position in shares of Synovus Financial during the third quarter worth about $5,984,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Synovus Financial by 228.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,828 shares of the bank's stock worth $1,951,000 after buying an additional 36,047 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Trading Up 0.7 %

Shares of NYSE SNV traded up $0.26 during trading hours on Friday, hitting $36.85. The company's stock had a trading volume of 918,227 shares, compared to its average volume of 1,548,462. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The business has a 50-day simple moving average of $37.92 and a 200-day simple moving average of $34.96. The stock has a market cap of $5.40 billion, a price-to-earnings ratio of 12.62, a P/E/G ratio of 4.25 and a beta of 1.40.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data 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). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period in the previous year, the firm posted $1.33 earnings per share. The business's revenue was down 12.4% compared to the same quarter last year. On average, analysts anticipate that Synovus Financial Corp. will post 3.77 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 4.12%. Synovus Financial's dividend payout ratio is presently 52.05%.

Analysts Set New Price Targets

A number of research analysts have weighed in on SNV shares. Morgan Stanley restated an "equal weight" rating and issued a $37.00 price target on shares of Synovus Financial in a research note on Monday, April 22nd. Raymond James cut Synovus Financial from a "strong-buy" rating to a "market perform" rating in a report on Thursday, April 18th. Barclays dropped their price objective on Synovus Financial from $42.00 to $39.00 and set an "equal weight" rating for the company in a report on Friday, April 19th. Royal Bank of Canada decreased their price target on Synovus Financial from $44.00 to $41.00 and set an "outperform" rating on the stock in a research note on Friday, April 19th. Finally, JPMorgan Chase & Co. decreased their price target on Synovus Financial from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $41.38.

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.