Teachers Retirement System of The State of Kentucky Decreases Holdings in Synovus Financial Corp. (NYSE:SNV)

Teachers Retirement System of The State of Kentucky reduced its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 11.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 106,813 shares of the bank's stock after selling 13,573 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.08% of Synovus Financial worth $5,472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in shares of Synovus Financial during the 3rd quarter valued at about $217,000. Franklin Resources Inc. increased its holdings in Synovus Financial by 4.0% during the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank's stock valued at $1,069,000 after buying an additional 885 shares during the last quarter. Oddo BHF Asset Management Sas bought a new position in Synovus Financial in the third quarter worth approximately $753,000. Nordea Investment Management AB grew its position in shares of Synovus Financial by 3.8% during the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock valued at $14,261,000 after acquiring an additional 10,109 shares during the period. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Synovus Financial by 2.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank's stock worth $758,000 after purchasing an additional 302 shares in the last quarter. Institutional investors own 83.85% of the company's stock.

Synovus Financial Trading Up 3.4 %

Shares of NYSE SNV opened at $41.48 on Wednesday. Synovus Financial Corp. has a 1-year low of $35.51 and a 1-year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The business's 50 day moving average is $46.13 and its two-hundred day moving average is $50.70. The stock has a market capitalization of $5.85 billion, a P/E ratio of 13.60, a PEG ratio of 1.11 and a beta of 1.16.

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

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.76%. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's dividend payout ratio is presently 43.70%.

Wall Street Analyst Weigh In

Several research firms have issued reports on SNV. Barclays reduced their price target on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Citigroup raised their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Stephens dropped their target price on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday. Finally, Wells Fargo & Company decreased their price target on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $56.17.

Synovus Financial Company 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.

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 - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.