Retirement Systems of Alabama Grows Position in Synovus Financial Corp. (NYSE:SNV)

Retirement Systems of Alabama raised its position in Synovus Financial Corp. (NYSE:SNV) by 0.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 550,859 shares of the bank’s stock after acquiring an additional 653 shares during the quarter. Retirement Systems of Alabama’s holdings in Synovus Financial were worth $20,740,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SNV. FMR LLC raised its holdings in shares of Synovus Financial by 10.0% in the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock valued at $297,530,000 after purchasing an additional 977,155 shares in the last quarter. North Reef Capital Management LP lifted its holdings in Synovus Financial by 52.7% during the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after buying an additional 1,548,370 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Synovus Financial by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,709,107 shares of the bank’s stock worth $103,113,000 after acquiring an additional 132,904 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Synovus Financial by 46.0% in the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after acquiring an additional 301,604 shares during the last quarter. Finally, Pzena Investment Management LLC raised its position in shares of Synovus Financial by 55.0% during the 3rd quarter. Pzena Investment Management LLC now owns 842,439 shares of the bank’s stock worth $23,420,000 after acquiring an additional 298,941 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SNV. Bank of America dropped their price target on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Truist Financial dropped their target price on shares of Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. StockNews.com cut shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. UBS Group upped their target price on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Finally, Royal Bank of Canada dropped their price target on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a research note 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 stock. Based on data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Hold” and a consensus target price of $41.38.

Synovus Financial Price Performance

Synovus Financial stock opened at $36.48 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50 day simple moving average of $37.92 and a 200-day simple moving average of $35.03. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The stock has a market capitalization of $5.34 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 4.25 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data 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). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. During the same period in the prior year, the firm posted $1.33 earnings per share. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. Equities analysts predict that Synovus Financial Corp. will post 3.77 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were given a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.17%. Synovus Financial’s payout ratio is currently 52.05%.

Synovus Financial 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.