New York State Common Retirement Fund Purchases 443,056 Shares of Synovus Financial Corp. (NYSE:SNV)

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

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

Synovus Financial Price Performance

Synovus Financial stock opened at $36.85 on Friday. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The stock’s 50 day moving average is $37.92 and its 200-day moving average is $34.91. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 4.25 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.33 earnings per share. Equities research analysts expect that Synovus Financial Corp. will post 3.77 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Analysts Set New Price Targets

SNV has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their target price on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. Piper Sandler lowered their target price on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. Finally, Bank of America lowered their price target on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.38.

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.