Treasurer of the State of North Carolina Purchases 2,672 Shares of Synovus Financial Corp. (NYSE:SNV)

Treasurer of the State of North Carolina increased its position in shares of Synovus Financial Corp. (NYSE:SNVFree Report) by 4.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,171 shares of the bank’s stock after purchasing an additional 2,672 shares during the period. Treasurer of the State of North Carolina’s holdings in Synovus Financial were worth $2,491,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Channing Capital Management LLC bought a new stake in Synovus Financial during the fourth quarter valued at about $72,201,000. Norges Bank bought a new stake in Synovus Financial during the 4th quarter valued at approximately $59,941,000. North Reef Capital Management LP raised its stake in Synovus Financial by 52.7% during the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock valued at $124,683,000 after purchasing an additional 1,548,370 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Synovus Financial by 24.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after purchasing an additional 1,016,231 shares in the last quarter. Finally, FMR LLC boosted its stake in Synovus Financial by 10.0% in the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after purchasing an additional 977,155 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SNV shares. JPMorgan Chase & Co. lowered their target price on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. The Goldman Sachs Group dropped their price objective on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Stephens reaffirmed an “equal weight” rating and issued a $38.00 target price on shares of Synovus Financial in a report on Tuesday, May 7th. Evercore ISI increased their price target on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $38.00 price target (down previously from $46.00) on shares of Synovus Financial in a report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $41.50.

View Our Latest Stock Report on SNV

Synovus Financial Price Performance

Synovus Financial stock opened at $37.47 on Friday. The firm has a market capitalization of $5.49 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 5.03 and a beta of 1.41. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $40.92. The firm has a 50-day moving average price of $38.10 and a 200-day moving average price of $37.17. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNVGet Free Report) last announced its 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). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter last year, the firm earned $1.33 EPS. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts forecast that Synovus Financial Corp. will post 3.82 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Thursday, June 20th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.06%. Synovus Financial’s payout ratio is 52.05%.

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 lending services.

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

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