Synovus Financial Corp. (NYSE:SNV) Stock Holdings Lessened by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its holdings in Synovus Financial Corp. (NYSE:SNV) by 4.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 16,153 shares of the bank’s stock after selling 775 shares during the quarter. State of Alaska Department of Revenue’s holdings in Synovus Financial were worth $827,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of SNV. V Square Quantitative Management LLC bought a new position in shares of Synovus Financial in the 3rd quarter worth about $30,000. Quarry LP bought a new position in shares of Synovus Financial in the 3rd quarter worth about $41,000. Brooklyn Investment Group bought a new stake in Synovus Financial in the 3rd quarter valued at about $56,000. Farther Finance Advisors LLC lifted its position in Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after purchasing an additional 1,211 shares during the last quarter. Finally, CWM LLC lifted its position in Synovus Financial by 93.3% in the 3rd quarter. CWM LLC now owns 2,003 shares of the bank’s stock valued at $89,000 after purchasing an additional 967 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SNV has been the topic of several recent research reports. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Truist Financial lifted their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, October 21st. DA Davidson lifted their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Stephens reiterated an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, Evercore ISI lifted their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Stock Performance

Shares of SNV opened at $54.46 on Friday. The firm’s 50 day moving average is $53.77 and its 200-day moving average is $49.91. The stock has a market capitalization of $7.71 billion, a P/E ratio of 17.86, a P/E/G ratio of 1.17 and a beta of 1.39. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.80 EPS. Equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a $0.38 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.79%. Synovus Financial’s dividend payout ratio is currently 49.84%.

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.