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

Retirement Systems of Alabama lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 17.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 429,952 shares of the bank’s stock after selling 90,154 shares during the period. Retirement Systems of Alabama’s holdings in Synovus Financial were worth $21,102,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the company. First Citizens Bank & Trust Co. boosted its position in shares of Synovus Financial by 5.2% during the third quarter. First Citizens Bank & Trust Co. now owns 39,777 shares of the bank’s stock worth $1,952,000 after buying an additional 1,949 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Synovus Financial during the 3rd quarter valued at about $2,131,000. Mitsubishi UFJ Trust & Banking Corp grew its position in Synovus Financial by 57.0% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 76,334 shares of the bank’s stock valued at $3,746,000 after acquiring an additional 27,715 shares in the last quarter. Olympiad Research LP increased its stake in Synovus Financial by 10.5% during the third quarter. Olympiad Research LP now owns 5,790 shares of the bank’s stock worth $284,000 after purchasing an additional 550 shares during the period. Finally, BIP Wealth LLC lifted its position in shares of Synovus Financial by 8.5% during the third quarter. BIP Wealth LLC now owns 23,604 shares of the bank’s stock worth $1,158,000 after purchasing an additional 1,848 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SNV has been the subject of a number of research reports. Truist Financial dropped their price objective on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, October 17th. DA Davidson restated a “buy” rating and issued a $63.00 price target on shares of Synovus Financial in a research note on Thursday, October 16th. Stephens reduced their price objective on 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. Weiss Ratings cut Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Finally, UBS Group cut their price target on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Five analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, Synovus Financial currently has an average rating of “Hold” and an average price target of $58.08.

Synovus Financial Stock Performance

Shares of SNV stock opened at $50.51 on Tuesday. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. 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 P/E ratio of 9.42, a PEG ratio of 0.88 and a beta of 1.21. The firm has a fifty day moving average price of $50.46 and a 200 day moving average price of $49.55.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Stockholders of record on Thursday, December 18th were issued a $0.39 dividend. The ex-dividend date was Thursday, December 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.1%. Synovus Financial’s dividend payout ratio 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.