Teachers Retirement System of The State of Kentucky Has $5.47 Million Holdings in Synovus Financial Corp. (NYSE:SNV)

Teachers Retirement System of The State of Kentucky decreased its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 11.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 106,813 shares of the bank's stock after selling 13,573 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.08% of Synovus Financial worth $5,472,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

SNV has been the topic of several research analyst reports. Royal Bank of Canada lowered 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 note on Monday, April 21st. Barclays decreased their price target on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley cut their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Citigroup lifted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Finally, Wells Fargo & Company cut their price target on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $56.17.

Synovus Financial Trading Up 0.3 %

SNV stock traded up $0.12 during trading on Monday, hitting $43.18. The company had a trading volume of 141,638 shares, compared to its average volume of 1,596,707. The firm has a 50-day moving average price of $45.38 and a 200-day moving average price of $50.73. Synovus Financial Corp. has a 12 month low of $35.74 and a 12 month high of $59.92. 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 stock has a market cap of $6.09 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. As a group, analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current 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 dividend of $0.39 per share. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.61%. Synovus Financial's payout ratio is currently 43.70%.

About Synovus Financial

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.