Synovus Financial Corp. (NYSE:SNV) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its stake in Synovus Financial Corp. (NYSE:SNVFree Report) by 7.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 127,824 shares of the bank’s stock after selling 10,254 shares during the quarter. New York State Common Retirement Fund owned about 0.09% of Synovus Financial worth $3,554,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SNV. Barclays PLC boosted its stake in shares of Synovus Financial by 17.6% during the 3rd quarter. Barclays PLC now owns 437,126 shares of the bank’s stock valued at $12,151,000 after buying an additional 65,434 shares during the last quarter. Winslow Asset Management Inc. boosted its stake in shares of Synovus Financial by 38.9% during the 3rd quarter. Winslow Asset Management Inc. now owns 9,205 shares of the bank’s stock valued at $256,000 after buying an additional 2,580 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Synovus Financial by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 41,604 shares of the bank’s stock valued at $1,157,000 after buying an additional 583 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Synovus Financial by 3.2% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 13,612 shares of the bank’s stock valued at $378,000 after buying an additional 419 shares during the last quarter. Finally, Versor Investments LP boosted its stake in shares of Synovus Financial by 120.8% during the 3rd quarter. Versor Investments LP now owns 19,924 shares of the bank’s stock valued at $554,000 after buying an additional 10,900 shares during the last quarter. Hedge funds and other institutional investors own 79.92% of the company’s stock.

Insider Activity at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’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 completion of the sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Allan E. Kamensky sold 19,301 shares of the firm’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $35.01, for a total value of $675,728.01. Following the sale, the executive vice president now owns 66,783 shares of the company’s stock, valued at $2,338,072.83. The disclosure for this sale can be found here. Insiders sold 26,017 shares of company stock worth $934,302 in the last quarter. 1.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on SNV. UBS Group raised their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Royal Bank of Canada restated an “outperform” rating and set a $42.00 price objective on shares of Synovus Financial in a research note on Friday, January 19th. Truist Financial raised their price objective on Synovus Financial from $38.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, December 15th. Morgan Stanley raised their price objective on Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Raymond James raised Synovus Financial from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $34.00 to $45.00 in a research report on Friday, January 5th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $38.80.

Get Our Latest Analysis on SNV

Synovus Financial Price Performance

Shares of SNV opened at $37.08 on Tuesday. The firm has a market capitalization of $5.42 billion, a price-to-earnings ratio of 10.72 and a beta of 1.42. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $43.94. The stock’s fifty day moving average is $37.03 and its 200-day moving average is $32.10.

Synovus Financial (NYSE:SNVGet Free Report) last released its earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.14). The firm had revenue of $488.68 million for the quarter, compared to analyst estimates of $527.60 million. Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. Equities analysts anticipate that Synovus Financial Corp. will post 4.04 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Thursday, December 21st were given a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, December 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.10%. Synovus Financial’s dividend payout ratio (DPR) is 43.93%.

Synovus Financial Company 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 loans.

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

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