Synovus Financial Corp. $SNV Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its holdings in Synovus Financial Corp. (NYSE:SNV) by 17.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 429,952 shares of the bank’s stock after selling 90,154 shares during the quarter. Retirement Systems of Alabama owned 0.31% of Synovus Financial worth $21,102,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Synovus Financial in the 2nd quarter worth $89,347,000. Goldman Sachs Group Inc. grew its position in shares of Synovus Financial by 78.2% in the first quarter. Goldman Sachs Group Inc. now owns 523,479 shares of the bank’s stock valued at $24,467,000 after purchasing an additional 229,730 shares during the period. AQR Capital Management LLC increased its stake in shares of Synovus Financial by 7.1% during the second quarter. AQR Capital Management LLC now owns 3,059,102 shares of the bank’s stock worth $158,309,000 after purchasing an additional 201,880 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Synovus Financial by 3,777.7% in the 2nd quarter. SG Americas Securities LLC now owns 147,509 shares of the bank’s stock worth $7,634,000 after buying an additional 143,705 shares during the last quarter. Finally, LSV Asset Management increased its stake in Synovus Financial by 31.0% during the 2nd quarter. LSV Asset Management now owns 551,137 shares of the bank’s stock worth $28,521,000 after buying an additional 130,500 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. UBS Group lowered their price target on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. DA Davidson reaffirmed a “buy” rating and set a $63.00 target price on shares of Synovus Financial in a report on Thursday, October 16th. Stephens decreased their price target on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Friday, October 17th. Barclays boosted their price target on shares of Synovus Financial from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, December 19th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $58.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $58.08.

Synovus Financial Trading Down 1.6%

SNV opened at $50.51 on Tuesday. The stock has a market capitalization of $7.01 billion, a PE ratio of 9.42, a P/E/G ratio of 0.88 and a beta of 1.21. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The business’s 50 day moving average price is $50.46 and its 200 day moving average price is $49.55.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Investors of record on Thursday, December 18th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis 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%.

Synovus Financial Company 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.