Synovus Financial Corp. (NYSE:SNV) Shares Acquired by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio grew its stake in Synovus Financial Corp. (NYSE:SNV) by 1.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,284 shares of the bank’s stock after buying an additional 643 shares during the period. Public Employees Retirement System of Ohio’s holdings in Synovus Financial were worth $2,503,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. SG Americas Securities LLC purchased a new stake in Synovus Financial in the second quarter valued at approximately $374,000. Fifth Third Bancorp boosted its holdings in shares of Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after acquiring an additional 245 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in shares of Synovus Financial during the second quarter worth $198,000. &PARTNERS acquired a new position in Synovus Financial during the second quarter valued at $284,000. Finally, Family Firm Inc. purchased a new stake in Synovus Financial in the second quarter valued at $173,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SNV has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their price objective on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. DA Davidson boosted their price target on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 18th. Truist Financial raised their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company boosted their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Barclays raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $57.78.

Synovus Financial Price Performance

NYSE:SNV opened at $53.36 on Wednesday. The stock has a 50 day moving average of $53.15 and a two-hundred day moving average of $46.13. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The firm has a market cap of $7.56 billion, a P/E ratio of 24.14, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. 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) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the previous year, the business earned $0.84 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.85%. Synovus Financial’s payout ratio is presently 68.78%.

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.