Teacher Retirement System of Texas Has $399,000 Stake in Synovus Financial Corp. (SNV)

Teacher Retirement System of Texas held its position in Synovus Financial Corp. (NYSE:SNV) during the first quarter, Holdings Channel reports. The firm owned 9,736 shares of the bank’s stock at the end of the first quarter. Teacher Retirement System of Texas’ holdings in Synovus Financial Corp. were worth $399,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of the company. State Street Corp increased its position in Synovus Financial Corp. by 12.5% in the fourth quarter. State Street Corp now owns 5,858,849 shares of the bank’s stock valued at $240,682,000 after buying an additional 652,725 shares during the last quarter. Eagle Asset Management Inc. increased its position in Synovus Financial Corp. by 0.6% in the first quarter. Eagle Asset Management Inc. now owns 2,679,970 shares of the bank’s stock valued at $109,932,000 after buying an additional 16,873 shares during the last quarter. Alliancebernstein L.P. increased its position in Synovus Financial Corp. by 17.5% in the first quarter. Alliancebernstein L.P. now owns 2,262,072 shares of the bank’s stock valued at $92,790,000 after buying an additional 337,157 shares during the last quarter. FMR LLC increased its position in Synovus Financial Corp. by 3.0% in the first quarter. FMR LLC now owns 1,875,742 shares of the bank’s stock valued at $76,943,000 after buying an additional 55,500 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Synovus Financial Corp. by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,237,015 shares of the bank’s stock valued at $50,742,000 after buying an additional 257,782 shares during the last quarter. 78.39% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Synovus Financial Corp. (NYSE:SNV)

Synovus Financial Corp. (SNV) traded down 0.57% during midday trading on Tuesday, reaching $43.31. 116,269 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $42.19 and a 200 day moving average price of $41.65. The company has a market cap of $5.30 billion, a price-to-earnings ratio of 21.00 and a beta of 1.13. Synovus Financial Corp. has a 52 week low of $26.90 and a 52 week high of $44.44.

Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings data on Tuesday, April 18th. The bank reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.06. The company had revenue of $311.77 million for the quarter, compared to analyst estimates of $303.05 million. Synovus Financial Corp. had a net margin of 20.04% and a return on equity of 9.50%. Synovus Financial Corp.’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.43 EPS. Analysts anticipate that Synovus Financial Corp. will post $2.42 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 1.38%. Synovus Financial Corp.’s dividend payout ratio is presently 28.99%.

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SNV has been the topic of several analyst reports. Jefferies Group LLC reissued a “hold” rating and set a $47.00 target price on shares of Synovus Financial Corp. in a research report on Sunday, June 11th. Zacks Investment Research downgraded shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Friday, April 7th. Evercore ISI downgraded shares of Synovus Financial Corp. to a “buy” rating in a research report on Friday, March 3rd. Bank of America Corporation raised shares of Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Thursday, May 11th. Finally, Barclays PLC reissued an “equal weight” rating and set a $44.00 target price (up from $42.00) on shares of Synovus Financial Corp. in a research report on Saturday, April 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Synovus Financial Corp. currently has an average rating of “Hold” and an average target price of $38.81.

In other news, EVP Jeffrey Barton Singleton sold 10,500 shares of the business’s stock in a transaction dated Friday, April 21st. The shares were sold at an average price of $41.96, for a total transaction of $440,580.00. Following the transaction, the executive vice president now directly owns 58,781 shares in the company, valued at approximately $2,466,450.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP D Wayne Akins, Jr. sold 3,500 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $42.96, for a total transaction of $150,360.00. Following the transaction, the executive vice president now owns 34,994 shares in the company, valued at $1,503,342.24. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

Synovus Financial Corp. Company Profile

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV).

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