Alaska Permanent Fund Corp Sells 1,747 Shares of Synovus Financial Corp. (NYSE:SNV)

Alaska Permanent Fund Corp decreased its stake in Synovus Financial Corp. (NYSE:SNV) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,653 shares of the bank’s stock after selling 1,747 shares during the period. Alaska Permanent Fund Corp owned about 0.05% of Synovus Financial worth $2,773,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Yousif Capital Management LLC lifted its stake in Synovus Financial by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after purchasing an additional 360 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in Synovus Financial by 3.2% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 13,612 shares of the bank’s stock valued at $378,000 after purchasing an additional 419 shares during the last quarter. PFW Advisors LLC lifted its stake in Synovus Financial by 5.4% in the 4th quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock valued at $318,000 after purchasing an additional 433 shares during the last quarter. Fifth Third Bancorp lifted its stake in Synovus Financial by 12.6% in the 3rd quarter. Fifth Third Bancorp now owns 4,035 shares of the bank’s stock valued at $112,000 after purchasing an additional 452 shares during the last quarter. Finally, Sippican Capital Advisors lifted its stake in Synovus Financial by 7.2% in the 3rd quarter. Sippican Capital Advisors now owns 7,400 shares of the bank’s stock valued at $206,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Evercore ISI raised their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $38.00 price target (down previously from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Wells Fargo & Company dropped their price target on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Jefferies Financial Group dropped their price target on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, DA Davidson dropped their price target on shares of Synovus Financial from $45.00 to $43.00 and set a “buy” rating for the company in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.18.

Synovus Financial Stock Up 0.5 %

NYSE:SNV traded up $0.19 during trading hours on Wednesday, reaching $36.82. The company had a trading volume of 1,387,394 shares, compared to its average volume of 1,516,496. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 4.09 and a beta of 1.40. The business’s 50-day simple moving average is $37.91 and its two-hundred day simple moving average is $34.76. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $40.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 earnings per share. On average, equities analysts expect that Synovus Financial Corp. will post 3.79 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

Synovus Financial Company Profile

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.