VIRGINIA RETIREMENT SYSTEMS ET Al Sells 17,400 Shares of Synovus Financial Corp. $SNV

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its stake in Synovus Financial Corp. (NYSE:SNV) by 30.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,950 shares of the bank’s stock after selling 17,400 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Synovus Financial were worth $1,912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Synovus Financial by 33.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank’s stock valued at $76,000 after purchasing an additional 406 shares during the period. Royal Bank of Canada lifted its holdings in shares of Synovus Financial by 51.2% in the 1st quarter. Royal Bank of Canada now owns 26,820 shares of the bank’s stock worth $1,254,000 after buying an additional 9,080 shares during the period. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Synovus Financial in the 1st quarter worth $364,000. EP Wealth Advisors LLC grew its position in shares of Synovus Financial by 33.2% during the 1st quarter. EP Wealth Advisors LLC now owns 8,025 shares of the bank’s stock worth $375,000 after buying an additional 2,002 shares in the last quarter. Finally, Amundi increased its stake in shares of Synovus Financial by 78,349.2% during the first quarter. Amundi now owns 100,415 shares of the bank’s stock valued at $4,693,000 after buying an additional 100,287 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SNV. Truist Financial lowered their price objective on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, October 17th. DA Davidson reiterated a “buy” rating and set a $63.00 price objective on shares of Synovus Financial in a research note on Thursday, October 16th. Stephens reduced their price objective on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. JPMorgan Chase & Co. increased their target price on Synovus Financial from $58.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Finally, Barclays boosted their price target on Synovus Financial from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, December 19th. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $58.38.

Synovus Financial Stock Performance

Shares of SNV stock opened at $50.51 on Friday. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. The business’s fifty day simple moving average is $48.76 and its 200-day simple moving average is $49.74. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The company has a market cap of $7.01 billion, a PE ratio of 9.42, a PEG ratio of 0.88 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. During the same quarter last year, the firm earned $1.23 EPS. The business’s quarterly revenue was up 9.0% on a year-over-year basis. Analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Investors of record on Thursday, December 18th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Thursday, December 18th. Synovus Financial’s dividend payout ratio (DPR) is presently 29.10%.

Insider Buying and Selling

In related news, Director Gregory G. Montana bought 1,000 shares of the company’s stock in a transaction on Monday, October 20th. The shares were bought at an average price of $45.37 per share, with a total value of $45,370.00. Following the transaction, the director owned 5,464 shares in the company, valued at approximately $247,901.68. This trade represents a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.00% of the stock is owned by company insiders.

Synovus Financial Profile

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.