Vestcor Inc Acquires 16,000 Shares of Synovus Financial Corp. (NYSE:SNV)

Vestcor Inc lifted its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 150.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,644 shares of the bank's stock after buying an additional 16,000 shares during the period. Vestcor Inc's holdings in Synovus Financial were worth $1,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new stake in Synovus Financial during the 3rd quarter worth about $30,000. UMB Bank n.a. grew its position in Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank's stock valued at $33,000 after buying an additional 348 shares during the last quarter. Quarry LP acquired a new stake in Synovus Financial in the third quarter valued at about $41,000. Innealta Capital LLC acquired a new position in Synovus Financial during the second quarter worth $43,000. Finally, Brooklyn Investment Group purchased a new position in Synovus Financial in the third quarter valued at about $56,000. Institutional investors and hedge funds own 83.85% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Truist Financial upped their target price on Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Piper Sandler boosted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday. Bank of America upped their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. Raymond James upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 target price on the stock in a report on Tuesday, September 17th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $56.00.

Synovus Financial Stock Down 2.5 %

SNV stock traded down $1.38 during mid-day trading on Thursday, hitting $54.69. The stock had a trading volume of 1,130,979 shares, compared to its average volume of 1,393,503. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 1.61 and a beta of 1.38. The company has a fifty day moving average of $52.51 and a 200 day moving average of $45.72. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period last year, the business earned $0.84 EPS. The firm's revenue was up 2.6% compared to the same quarter last year. On average, equities analysts expect that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.78%. Synovus Financial's dividend payout ratio is currently 68.78%.

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.