State Board of Administration of Florida Retirement System raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 5.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 165,860 shares of the bank’s stock after purchasing an additional 8,861 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.11% of Synovus Financial worth $7,278,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Column Capital Advisors LLC acquired a new stake in Synovus Financial during the 1st quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd acquired a new stake in Synovus Financial during the 1st quarter valued at approximately $38,000. Key Financial Inc acquired a new stake in Synovus Financial during the 2nd quarter valued at approximately $81,000. Eaton Vance Management acquired a new stake in Synovus Financial during the 1st quarter valued at approximately $102,000. Finally, Fifth Third Bancorp grew its stake in Synovus Financial by 301.9% during the 1st quarter. Fifth Third Bancorp now owns 2,323 shares of the bank’s stock valued at $106,000 after purchasing an additional 1,745 shares in the last quarter. Hedge funds and other institutional investors own 76.40% of the company’s stock.
Shares of SNV opened at $39.14 on Tuesday. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 1.12 and a beta of 1.62. The stock has a 50 day moving average of $42.07 and a 200-day moving average of $45.06. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.26. Synovus Financial Corp. has a 52 week low of $19.39 and a 52 week high of $50.51.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Thursday, September 16th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend is Wednesday, September 15th. Synovus Financial’s dividend payout ratio (DPR) is 54.77%.
A number of brokerages have weighed in on SNV. Piper Sandler raised their price objective on Synovus Financial from $54.50 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, June 3rd. Zacks Investment Research lowered Synovus Financial from a “strong-buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research report on Monday, June 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Synovus Financial currently has an average rating of “Buy” and an average target price of $45.15.
In related news, EVP Mark G. Holladay sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $43.13, for a total value of $64,695.00. Following the sale, the executive vice president now owns 59,799 shares of the company’s stock, valued at approximately $2,579,130.87. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.11% of the company’s stock.
Synovus Financial Company Profile
Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.
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