Retirement Systems of Alabama Has $26.77 Million Position in Synovus Financial Corp. (NYSE:SNV)

Retirement Systems of Alabama lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 0.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 522,452 shares of the bank’s stock after selling 2,639 shares during the period. Retirement Systems of Alabama owned about 0.37% of Synovus Financial worth $26,765,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. FMR LLC boosted its stake in shares of Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after buying an additional 598,644 shares during the period. Wellington Management Group LLP boosted its stake in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after buying an additional 1,095,557 shares during the period. State Street Corp boosted its stake in shares of Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after buying an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after buying an additional 147,599 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Synovus Financial by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after buying an additional 22,549 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

SNV has been the subject of several analyst reports. DA Davidson lifted their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. The Goldman Sachs Group lifted their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective for the company. Evercore ISI lifted their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company lifted 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 research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Synovus Financial Stock Performance

NYSE:SNV opened at $56.55 on Thursday. The firm’s 50-day moving average is $53.89 and its 200-day moving average is $49.56. 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. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 18.54, a PEG ratio of 1.17 and a beta of 1.39.

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 the consensus estimate 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 in the previous year, the firm posted $0.80 EPS. The business’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts anticipate that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued 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 dividend yield of 2.69%. Synovus Financial’s payout ratio is 49.84%.

About Synovus Financial

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.