Synovus Financial Corp. (NYSE:SNV) Shares Sold by Arizona State Retirement System

Arizona State Retirement System reduced its position in Synovus Financial Corp. (NYSE:SNV) by 0.9% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 41,783 shares of the bank’s stock after selling 384 shares during the quarter. Arizona State Retirement System’s holdings in Synovus Financial were worth $2,141,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Keystone Financial Group Inc. acquired a new position in Synovus Financial in the 4th quarter valued at $37,000. Quarry LP acquired a new position in Synovus Financial in the 3rd quarter valued at $41,000. Jones Financial Companies Lllp increased its stake in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after buying an additional 461 shares during the period. V Square Quantitative Management LLC increased its stake in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after buying an additional 466 shares during the period. Finally, Brooklyn Investment Group acquired a new position in Synovus Financial in the 3rd quarter valued at $56,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Price Performance

NYSE:SNV opened at $43.72 on Tuesday. The firm has a market cap of $6.16 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average is $53.23 and its two-hundred day moving average is $50.98. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92.

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

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.57%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial’s dividend payout ratio is 51.15%.

Wall Street Analyst Weigh In

Several brokerages have commented on SNV. UBS Group began coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. The Goldman Sachs Group boosted their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Royal Bank of Canada restated an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

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.