California Public Employees Retirement System Reduces Position in Synovus Financial Corp. (NYSE:SNV)

California Public Employees Retirement System trimmed its stake in Synovus Financial Corp. (NYSE:SNV) by 5.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 272,826 shares of the bank’s stock after selling 14,215 shares during the period. California Public Employees Retirement System owned 0.19% of Synovus Financial worth $10,272,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Synovus Financial in the third quarter valued at about $214,000. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Synovus Financial by 11.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank’s stock worth $636,000 after acquiring an additional 2,305 shares in the last quarter. Brown Advisory Inc. grew its holdings in shares of Synovus Financial by 6.4% in the third quarter. Brown Advisory Inc. now owns 11,443 shares of the bank’s stock valued at $318,000 after purchasing an additional 685 shares in the last quarter. Verdence Capital Advisors LLC increased its position in Synovus Financial by 8.5% in the third quarter. Verdence Capital Advisors LLC now owns 8,986 shares of the bank’s stock worth $250,000 after purchasing an additional 703 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Synovus Financial by 17.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,974 shares of the bank’s stock valued at $778,000 after purchasing an additional 4,088 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Piper Sandler reduced their target price on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. The Goldman Sachs Group dropped their target price on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, April 19th. JPMorgan Chase & Co. lowered their price target on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday, April 19th. Finally, Wells Fargo & Company dropped their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial has a consensus rating of “Hold” and a consensus price target of $41.38.

Synovus Financial Stock Up 1.7 %

NYSE:SNV opened at $36.40 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $5.33 billion, a P/E ratio of 12.47, a P/E/G ratio of 4.20 and a beta of 1.40. The company’s 50-day simple moving average is $37.89 and its 200-day simple moving average is $35.10. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $40.92.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. Synovus Financial’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.33 earnings per share. On average, equities analysts anticipate that Synovus Financial Corp. will post 3.77 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm 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 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is presently 52.05%.

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.