State of Tennessee Department of Treasury Sells 8,386 Shares of Synovus Financial Corp. (NYSE:SNV)

State of Tennessee Department of Treasury decreased its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,824 shares of the bank's stock after selling 8,386 shares during the period. State of Tennessee Department of Treasury's holdings in Synovus Financial were worth $3,116,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Synovus Financial in the 4th quarter valued at $77,209,000. FMR LLC raised its position in shares of Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after purchasing an additional 415,201 shares during the period. Prudential Financial Inc. lifted its stake in shares of Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after buying an additional 411,411 shares during the last quarter. Mesirow Institutional Investment Management Inc. bought a new stake in shares of Synovus Financial during the 4th quarter worth about $14,991,000. Finally, TruWealth Advisors LLC acquired a new position in Synovus Financial in the 4th quarter valued at about $12,350,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

NYSE:SNV opened at $42.99 on Friday. Synovus Financial Corp. has a twelve month low of $35.74 and a twelve month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock's 50-day simple moving average is $45.38 and its 200 day simple moving average is $50.69. The firm has a market capitalization of $6.06 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, March 20th. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.63%. Synovus Financial's dividend payout ratio is 43.70%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SNV. DA Davidson reduced their price objective on Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Raymond James lowered Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Wells Fargo & Company dropped their target price on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Morgan Stanley decreased their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $56.17.

Synovus Financial 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.

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