Public Employees Retirement System of Ohio Cuts Stock Position in Synovus Financial Corp. $SNV

Public Employees Retirement System of Ohio cut its holdings in Synovus Financial Corp. (NYSE:SNV) by 0.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,315 shares of the bank’s stock after selling 288 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Synovus Financial were worth $2,397,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Armstrong Advisory Group Inc. purchased a new stake in shares of Synovus Financial in the second quarter valued at approximately $41,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Synovus Financial in the first quarter valued at approximately $47,000. Spectrum Wealth Counsel LLC purchased a new stake in shares of Synovus Financial during the first quarter worth approximately $70,000. Brooklyn Investment Group increased its position in shares of Synovus Financial by 39.1% during the first quarter. Brooklyn Investment Group now owns 1,561 shares of the bank’s stock worth $73,000 after purchasing an additional 439 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Synovus Financial by 33.3% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,626 shares of the bank’s stock worth $76,000 after purchasing an additional 406 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Synovus Financial news, CEO Kevin S. Blair purchased 4,040 shares of the firm’s stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average price of $49.40 per share, with a total value of $199,576.00. Following the purchase, the chief executive officer directly owned 164,378 shares in the company, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Diana M. Murphy purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the purchase, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on SNV shares. JPMorgan Chase & Co. dropped their price target on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday. Wells Fargo & Company reiterated an “equal weight” rating and set a $58.00 price target (down from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Raymond James Financial cut Synovus Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, July 28th. Wall Street Zen upgraded Synovus Financial from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Finally, Morgan Stanley boosted their price target on Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Friday, July 18th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.50.

Synovus Financial Stock Down 1.1%

Shares of NYSE:SNV opened at $48.14 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average of $49.82 and a two-hundred day moving average of $48.45. The stock has a market cap of $6.68 billion, a P/E ratio of 9.24, a PEG ratio of 0.82 and a beta of 1.21. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating the consensus estimate of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.The business had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same quarter in the prior year, the company posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s dividend payout ratio is 29.94%.

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.