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State of Tennessee Department of Treasury Sells 8,386 Shares of Synovus Financial Corp. (NYSE:SNV)

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State of Tennessee Department of Treasury decreased its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,824 shares of the bank's stock after selling 8,386 shares during the period. State of Tennessee Department of Treasury's holdings in Synovus Financial were worth $3,116,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Keystone Financial Group Inc. acquired a new position in shares of Synovus Financial in the 4th quarter valued at $37,000. Jones Financial Companies Lllp lifted its stake in Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after buying an additional 461 shares during the period. V Square Quantitative Management LLC boosted its holdings in Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after buying an additional 466 shares during the last quarter. Millstone Evans Group LLC acquired a new position in shares of Synovus Financial during the 4th quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Synovus Financial by 36.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock valued at $91,000 after purchasing an additional 473 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SNV shares. Morgan Stanley decreased their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Barclays reduced their target price on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Stephens dropped their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. 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 and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $56.17.

Check Out Our Latest Analysis on SNV

Synovus Financial Stock Performance

Shares of SNV traded down $0.56 during trading hours on Wednesday, hitting $43.25. The company had a trading volume of 910,395 shares, compared to its average volume of 1,415,224. The business has a fifty day moving average of $44.94 and a 200-day moving average of $50.67. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $6.10 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 12 month low of $35.74 and a 12 month high of $59.92.

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

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.61%. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's payout ratio is presently 43.70%.

Synovus Financial Profile

(Free Report)

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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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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