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State of Tennessee Department of Treasury Decreases Stake in Synovus Financial Corp. (NYSE:SNV)

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State of Tennessee Department of Treasury decreased its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 reporting period.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Synovus Financial during the fourth quarter valued at approximately $77,209,000. FMR LLC lifted its holdings in Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after acquiring an additional 415,201 shares during the period. Prudential Financial Inc. boosted its holdings in shares of Synovus Financial by 349.4% in the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after buying an additional 411,411 shares during the last quarter. Mesirow Institutional Investment Management Inc. bought a new stake in shares of Synovus Financial during the 4th quarter valued at $14,991,000. Finally, TruWealth Advisors LLC bought a new stake in Synovus Financial during the fourth quarter valued at about $12,350,000. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SNV has been the subject of several research analyst reports. DA Davidson cut their target price 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. Wells Fargo & Company decreased their target price on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. JPMorgan Chase & Co. cut their target price on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Royal Bank of Canada reduced their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Barclays lowered 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. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $56.17.

Check Out Our Latest Stock Analysis on SNV

Synovus Financial Stock Performance

Shares of NYSE SNV traded up $1.16 during mid-day trading on Friday, hitting $45.26. The stock had a trading volume of 236,181 shares, compared to its average volume of 1,567,497. The company has a 50 day moving average of $44.62 and a two-hundred day moving average of $50.60. 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 firm has a market cap of $6.38 billion, a PE ratio of 14.84, a PEG ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping 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 net margin of 14.05% and a return on equity of 14.70%. Research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.45%. 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 dividend payout ratio is presently 43.70%.

About Synovus Financial

(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.

Further Reading

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

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