Public Employees Retirement System of Ohio lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 22.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 84,637 shares of the bank’s stock after selling 24,734 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.05% of Synovus Financial worth $2,962,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Steward Partners Investment Advisory LLC acquired a new position in Synovus Financial during the second quarter worth approximately $30,000. Meeder Asset Management Inc. bought a new stake in shares of Synovus Financial during the second quarter worth approximately $33,000. KBC Group NV bought a new stake in shares of Synovus Financial during the second quarter worth approximately $40,000. Manchester Capital Management LLC bought a new stake in shares of Synovus Financial during the first quarter worth approximately $50,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of Synovus Financial by 320.8% during the second quarter. BNP Paribas Arbitrage SA now owns 4,040 shares of the bank’s stock worth $141,000 after acquiring an additional 3,080 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SNV stock traded down $0.56 during trading on Monday, hitting $37.52. The company had a trading volume of 41,292 shares, compared to its average volume of 1,224,132. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $5.73 billion, a P/E ratio of 10.32, a price-to-earnings-growth ratio of 1.17 and a beta of 1.34. The stock’s 50-day moving average price is $35.99 and its 200 day moving average price is $35.65. Synovus Financial Corp. has a one year low of $29.93 and a one year high of $48.38.
The business also recently declared a — dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be paid a $0.30 dividend. This represents a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is currently 32.97%.
A number of brokerages have recently issued reports on SNV. Evercore ISI upgraded Synovus Financial from an “in-line” rating to an “outperform” rating in a report on Thursday, August 8th. Royal Bank of Canada began coverage on Synovus Financial in a report on Friday, July 12th. They set an “outperform” rating and a $42.00 price objective for the company. ValuEngine upgraded Synovus Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, July 27th. DA Davidson began coverage on Synovus Financial in a report on Tuesday, August 20th. They set a “buy” rating and a $41.00 price objective for the company. Finally, Stephens upgraded Synovus Financial from an “equal weight” rating to an “overweight” rating in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $44.32.
In related news, VP Mark G. Holladay sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $35.72, for a total value of $178,600.00. Following the completion of the sale, the vice president now directly owns 60,289 shares in the company, valued at $2,153,523.08. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.00% of the company’s stock.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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