Teacher Retirement System of Texas boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 247.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,009 shares of the bank's stock after purchasing an additional 25,653 shares during the quarter. Teacher Retirement System of Texas' holdings in Synovus Financial were worth $1,845,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Keystone Financial Group Inc. acquired a new stake in Synovus Financial during the fourth quarter worth about $37,000. Quarry LP acquired a new stake in shares of Synovus Financial during the 3rd quarter worth approximately $41,000. Brooklyn Investment Group bought a new stake in shares of Synovus Financial during the third quarter valued at approximately $56,000. Jones Financial Companies Lllp boosted its holdings in Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after purchasing an additional 461 shares in the last quarter. Finally, V Square Quantitative Management LLC grew its stake in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after purchasing an additional 466 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on the stock. Morgan Stanley decreased their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a "buy" rating and a $64.00 price objective for the company. Stephens reiterated an "equal weight" rating and issued a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. JPMorgan Chase & Co. boosted their target price on Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Finally, UBS Group started coverage on Synovus Financial in a research note on Tuesday, December 17th. They set a "buy" rating and a $76.00 price target on the stock. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Synovus Financial presently has an average rating of "Moderate Buy" and a consensus price target of $58.67.
Read Our Latest Stock Analysis on Synovus Financial
Synovus Financial Trading Up 1.4 %
Synovus Financial stock traded up $0.65 during mid-day trading on Monday, hitting $46.78. 1,390,251 shares of the company's stock were exchanged, compared to its average volume of 1,398,932. The company's 50 day simple moving average is $51.41 and its 200-day simple moving average is $51.19. 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 firm has a market capitalization of $6.59 billion, a P/E ratio of 15.34, a PEG ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.
Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $580.58 million during the quarter, compared to analysts' expectations of $566.83 million. During the same period in the prior year, the business earned $0.80 EPS. Synovus Financial's revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.
Synovus Financial Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be given a $0.39 dividend. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial's payout ratio is currently 51.15%.
About Synovus Financial
(
Free Report)
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.
Featured Articles
Before you consider Synovus Financial, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Synovus Financial wasn't on the list.
While Synovus Financial currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
