VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Synovus Financial Corp. $SNV

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 56,350 shares of the bank’s stock, valued at approximately $2,916,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its holdings in Synovus Financial by 4.9% during the second quarter. Fifth Third Bancorp now owns 4,082 shares of the bank’s stock worth $211,000 after buying an additional 189 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in Synovus Financial by 0.5% during the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank’s stock worth $2,412,000 after buying an additional 249 shares during the last quarter. State of Michigan Retirement System increased its holdings in Synovus Financial by 0.9% during the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank’s stock worth $1,580,000 after buying an additional 300 shares during the last quarter. UMB Bank n.a. increased its holdings in Synovus Financial by 17.0% during the second quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock worth $110,000 after buying an additional 308 shares during the last quarter. Finally, Greenleaf Trust increased its holdings in Synovus Financial by 5.2% during the first quarter. Greenleaf Trust now owns 6,425 shares of the bank’s stock worth $300,000 after buying an additional 318 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Synovus Financial

In other news, Director Gregory G. Montana acquired 1,000 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The stock was acquired at an average price of $46.74 per share, with a total value of $46,740.00. Following the completion of the transaction, the director directly owned 4,341 shares of the company’s stock, valued at $202,898.34. This trade represents a 29.93% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $48.90 per share, with a total value of $97,800.00. Following the transaction, the chief financial officer directly owned 58,220 shares of the company’s stock, valued at $2,846,958. This trade represents a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 8,040 shares of company stock worth $392,916. Insiders own 1.00% of the company’s stock.

Synovus Financial Trading Up 1.4%

Shares of Synovus Financial stock opened at $45.95 on Tuesday. The firm has a 50-day moving average of $49.57 and a 200-day moving average of $48.53. The stock has a market cap of $6.38 billion, a PE ratio of 8.57, a PEG ratio of 0.81 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. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.10. The company had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. Synovus Financial’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.23 earnings per share. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s payout ratio is presently 29.10%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Raymond James Financial downgraded shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a report on Monday, July 28th. JPMorgan Chase & Co. decreased their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Wells Fargo & Company reiterated an “equal weight” rating and issued a $58.00 price objective (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Stephens decreased their price objective on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, Truist Financial decreased their price objective on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Friday. Eight equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, Synovus Financial has a consensus rating of “Hold” and an average target price of $58.71.

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.