Teacher Retirement System of Texas Increases Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Teacher Retirement System of Texas grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 247.7% in the 4th quarter, Holdings Channel.com reports. 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 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Keystone Financial Group Inc. bought a new stake in Synovus Financial during the fourth quarter valued at approximately $37,000. Quarry LP purchased a new position in shares of Synovus Financial during the 3rd quarter worth $41,000. Jones Financial Companies Lllp grew its position in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after acquiring an additional 461 shares during the period. V Square Quantitative Management LLC increased 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 worth $58,000 after purchasing an additional 466 shares in the last quarter. Finally, Brooklyn Investment Group bought a new position in Synovus Financial in the 3rd quarter worth $56,000. Institutional investors own 83.85% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Citigroup boosted their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Stephens restated an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. JPMorgan Chase & Co. upped their price target on shares of 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 assumed coverage on Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Trading Down 1.8 %

SNV stock opened at $47.47 on Friday. The firm has a market cap of $6.69 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The firm has a fifty day moving average price of $51.73 and a 200 day moving average price of $51.04. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. 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) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same period in the previous year, the firm posted $0.80 EPS. The business’s quarterly revenue was up 18.8% on a year-over-year basis. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.29%. Synovus Financial’s dividend payout ratio is 51.15%.

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.