Texas Permanent School Fund Sells 6,758 Shares of Synovus Financial Corp. (NYSE:SNV)

Posted by Defense World Staff on May 8th, 2023

Texas Permanent School Fund decreased its position in shares of Synovus Financial Corp. (NYSE:SNV – Get Rating) by 6.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 97,790 shares of the bank’s stock after selling 6,758 shares during the quarter. Texas Permanent School Fund owned approximately 0.07% of Synovus Financial worth $3,672,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Welch Group LLC grew its stake in shares of Synovus Financial by 0.4% in the 4th quarter. Welch Group LLC now owns 62,590 shares of the bank’s stock valued at $2,350,000 after purchasing an additional 250 shares during the last quarter. Profund Advisors LLC grew its stake in shares of Synovus Financial by 4.6% in the 4th quarter. Profund Advisors LLC now owns 7,191 shares of the bank’s stock valued at $270,000 after purchasing an additional 317 shares during the last quarter. Yousif Capital Management LLC grew its stake in shares of Synovus Financial by 0.4% in the 4th quarter. Yousif Capital Management LLC now owns 76,064 shares of the bank’s stock valued at $2,856,000 after purchasing an additional 330 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Synovus Financial by 9.9% in the 3rd quarter. Van ECK Associates Corp now owns 4,113 shares of the bank’s stock valued at $154,000 after purchasing an additional 370 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its stake in shares of Synovus Financial by 0.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 42,766 shares of the bank’s stock valued at $1,606,000 after purchasing an additional 378 shares during the last quarter. Institutional investors own 79.89% of the company’s stock.

Synovus Financial Trading Up 5.4 %

Shares of NYSE SNV opened at $28.06 on Monday. The stock’s 50 day moving average price is $31.72 and its two-hundred day moving average price is $37.15. Synovus Financial Corp. has a 52-week low of $25.33 and a 52-week high of $44.91. The stock has a market capitalization of $4.10 billion, a P/E ratio of 5.44, a PEG ratio of 2.00 and a beta of 1.33. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 1.22.

Synovus Financial (NYSE:SNV – Get Rating) last posted its earnings results on Wednesday, April 19th. The bank reported $1.33 EPS for the quarter, beating the consensus estimate of $1.22 by $0.11. The company had revenue of $613.90 million during the quarter, compared to analyst estimates of $589.40 million. Synovus Financial had a return on equity of 19.92% and a net margin of 28.04%. The business’s revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.08 earnings per share. On average, analysts anticipate that Synovus Financial Corp. will post 4.66 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Thursday, March 16th were issued a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 15th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.34. This represents a $1.52 annualized dividend and a dividend yield of 5.42%. Synovus Financial’s dividend payout ratio is 29.46%.

Analyst Ratings Changes

Several analysts have recently commented on SNV shares. Janney Montgomery Scott raised Synovus Financial from a “neutral” rating to a “buy” rating and set a $38.00 price target for the company in a report on Monday, April 24th. Royal Bank of Canada reduced their price target on Synovus Financial from $42.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, April 21st. Wells Fargo & Company reduced their price target on Synovus Financial from $55.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, April 21st. StockNews.com started coverage on Synovus Financial in a report on Thursday, March 16th. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group reduced their price target on Synovus Financial from $46.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, March 30th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.88.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 1,947 shares of the company’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $43.36, for a total transaction of $84,421.92. Following the completion of the transaction, the executive vice president now directly owns 9,314 shares of the company’s stock, valued at $403,855.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Synovus Financial news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The stock was acquired at an average cost of $30.33 per share, with a total value of $60,660.00. Following the acquisition, the chief financial officer now directly owns 28,809 shares of the company’s stock, valued at approximately $873,776.97. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Thomas T. Dierdorff sold 1,947 shares of the stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $43.36, for a total value of $84,421.92. Following the completion of the transaction, the executive vice president now directly owns 9,314 shares of the company’s stock, valued at $403,855.04. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 11,375 shares of company stock valued at $309,411. 1.60% of the stock is currently owned by insiders.

Synovus Financial Company Profile

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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.