Louisiana State Employees Retirement System Trims Stake in Synovus Financial Corp. (NYSE:SNV)

Louisiana State Employees Retirement System lessened its position in Synovus Financial Corp. (NYSE:SNV) by 1.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 39,300 shares of the bank’s stock after selling 600 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Synovus Financial were worth $2,013,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in Synovus Financial during the third quarter valued at $30,000. Keystone Financial Group Inc. purchased a new position in Synovus Financial during the 4th quarter valued at about $37,000. Quarry LP bought a new stake in Synovus Financial during the third quarter worth about $41,000. Brooklyn Investment Group purchased a new stake in Synovus Financial in the third quarter worth about $56,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Synovus Financial by 474.9% during the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after purchasing an additional 1,211 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Trading Up 1.4 %

Shares of NYSE:SNV opened at $55.21 on Friday. The stock’s 50-day simple moving average is $53.76 and its two-hundred day simple moving average is $49.96. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 18.10, a PEG ratio of 1.17 and a beta of 1.39. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same quarter last year, the firm posted $0.80 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. Analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.75%. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SNV. Piper Sandler boosted their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Evercore ISI increased their target price on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price target for the company. UBS Group assumed coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target on the stock. Finally, Wells Fargo & Company raised their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

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.