California State Teachers Retirement System Reduces Stake in Synovus Financial Corp. (NYSE:SNV)

California State Teachers Retirement System lowered its stake in Synovus Financial Corp. (NYSE:SNVFree Report) by 4.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,677 shares of the bank’s stock after selling 6,690 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Synovus Financial worth $5,861,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allworth Financial LP grew its position in Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after acquiring an additional 557 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Synovus Financial in the fourth quarter worth about $28,000. MeadowBrook Investment Advisors LLC purchased a new position in Synovus Financial in the fourth quarter worth about $30,000. American National Bank purchased a new position in Synovus Financial in the fourth quarter worth about $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new position in shares of Synovus Financial during the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Insiders Place Their Bets

In other news, EVP D Wayne Akins, Jr. acquired 24,500 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was acquired at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the transaction, the executive vice president now owns 41,884 shares in the company, valued at approximately $1,566,461.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP D Wayne Akins, Jr. acquired 24,500 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was acquired at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the transaction, the executive vice president now owns 41,884 shares in the company, valued at approximately $1,566,461.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Eli Samaha sold 6,803 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the completion of the transaction, the insider now owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Synovus Financial Price Performance

Shares of SNV opened at $36.61 on Tuesday. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $40.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $5.36 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 5.06 and a beta of 1.41. The company’s fifty day moving average price is $38.04 and its 200-day moving average price is $37.32.

Synovus Financial (NYSE:SNVGet Free Report) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same period in the previous year, the company posted $1.33 earnings per share. Synovus Financial’s revenue for the quarter was down 12.4% compared to the same quarter last year. On average, equities research analysts predict that Synovus Financial Corp. will post 3.82 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Thursday, June 20th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend is Thursday, June 20th. Synovus Financial’s payout ratio is 52.05%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Stephens restated an “equal weight” rating and set a $38.00 target price on shares of Synovus Financial in a research report on Tuesday, May 7th. Bank of America dropped their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Evercore ISI boosted their target price on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. Finally, Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of “Hold” and a consensus target price of $41.50.

View Our Latest Analysis on SNV

Synovus Financial Profile

(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.

See Also

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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