Louisiana State Employees Retirement System boosted its position in Synovus Financial Corp. (NYSE:SNV) by 3.2% during the second quarter, Holdings Channel reports. The institutional investor owned 31,900 shares of the bank’s stock after buying an additional 1,000 shares during the period. Louisiana State Employees Retirement System’s holdings in Synovus Financial Corp. were worth $1,411,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Synovus Financial Corp. by 3.7% in the first quarter. Vanguard Group Inc. now owns 10,598,706 shares of the bank’s stock worth $434,759,000 after buying an additional 375,030 shares in the last quarter. BlackRock Inc. raised its position in shares of Synovus Financial Corp. by 5,961.9% in the first quarter. BlackRock Inc. now owns 10,236,350 shares of the bank’s stock worth $419,894,000 after buying an additional 10,067,487 shares in the last quarter. Eagle Asset Management Inc. raised its position in shares of Synovus Financial Corp. by 0.6% in the first quarter. Eagle Asset Management Inc. now owns 2,679,970 shares of the bank’s stock worth $109,932,000 after buying an additional 16,873 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Synovus Financial Corp. by 17.5% in the first quarter. Alliancebernstein L.P. now owns 2,262,072 shares of the bank’s stock worth $92,790,000 after buying an additional 337,157 shares in the last quarter. Finally, FMR LLC raised its position in shares of Synovus Financial Corp. by 3.0% in the first quarter. FMR LLC now owns 1,875,742 shares of the bank’s stock worth $76,943,000 after buying an additional 55,500 shares in the last quarter. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Shares of Synovus Financial Corp. (NYSE:SNV) opened at 43.45 on Friday. The stock has a 50 day moving average of $43.54 and a 200-day moving average of $42.13. Synovus Financial Corp. has a 52 week low of $29.74 and a 52 week high of $45.38. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of 19.73 and a beta of 1.13.

Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The firm had revenue of $319.80 million during the quarter, compared to the consensus estimate of $317.81 million. During the same period in the prior year, the firm earned $0.46 EPS. The business’s revenue was up 10.5% on a year-over-year basis. Equities research analysts expect that Synovus Financial Corp. will post $2.46 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date was Tuesday, June 13th. Synovus Financial Corp.’s dividend payout ratio (DPR) is presently 27.15%.

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SNV has been the topic of a number of recent analyst reports. Jefferies Group LLC reiterated a “hold” rating and issued a $47.00 price objective on shares of Synovus Financial Corp. in a report on Sunday, June 11th. Zacks Investment Research lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Friday, April 7th. Royal Bank Of Canada initiated coverage on shares of Synovus Financial Corp. in a report on Monday, July 17th. They issued an “outperform” rating and a $51.00 price objective on the stock. Stephens reiterated a “buy” rating and issued a $46.00 price objective on shares of Synovus Financial Corp. in a report on Wednesday. Finally, Bank of America Corporation upgraded shares of Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 price objective on the stock in a report on Thursday, May 11th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. Synovus Financial Corp. currently has a consensus rating of “Hold” and an average target price of $42.78.

In other Synovus Financial Corp. news, EVP D Wayne Akins, Jr. sold 3,500 shares of the stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $42.96, for a total value of $150,360.00. Following the completion of the sale, the executive vice president now directly owns 34,994 shares of the company’s stock, valued at approximately $1,503,342.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.50% of the stock is owned by corporate insiders.

About Synovus Financial Corp.

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

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

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