Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 449 Shares of Synovus Financial Corp. (NYSE:SNV)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lowered its position in Synovus Financial Corp. (NYSE:SNV) by 1.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 31,287 shares of the bank’s stock after selling 449 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Synovus Financial were worth $1,603,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of SNV. Montgomery Investment Management Inc. boosted its stake in shares of Synovus Financial by 0.6% in the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock worth $2,177,000 after acquiring an additional 235 shares during the period. Sound View Wealth Advisors Group LLC boosted its stake in Synovus Financial by 3.1% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock worth $407,000 after purchasing an additional 241 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. raised its position in shares of Synovus Financial by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock valued at $5,301,000 after buying an additional 270 shares during the last quarter. Wedmont Private Capital raised its position in shares of Synovus Financial by 3.3% during the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock valued at $479,000 after buying an additional 299 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Synovus Financial by 2.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock worth $758,000 after buying an additional 302 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Synovus Financial stock opened at $48.66 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The company has a 50 day moving average price of $52.02 and a 200-day moving average price of $51.08. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The company has a market capitalization of $6.86 billion, a PE ratio of 15.95, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the prior year, the business earned $0.80 earnings per share. Synovus Financial’s revenue was up 18.8% on a year-over-year basis. As a group, equities analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is 51.15%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SNV. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Piper Sandler boosted their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Citigroup increased their price target on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. UBS Group started coverage on Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective on the stock. Finally, Morgan Stanley lowered their target price on 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. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and an average target price of $58.67.

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.