Teacher Retirement System of Texas Increases Holdings in Synovus Financial Corp. $SNV

Teacher Retirement System of Texas boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 8.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 44,416 shares of the bank’s stock after buying an additional 3,624 shares during the quarter. Teacher Retirement System of Texas’ holdings in Synovus Financial were worth $2,299,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SNV. Armstrong Advisory Group Inc. acquired a new stake in Synovus Financial during the second quarter worth $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Synovus Financial during the first quarter worth $47,000. IFP Advisors Inc increased its stake in Synovus Financial by 650.4% during the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock worth $60,000 after acquiring an additional 917 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in Synovus Financial during the second quarter worth $60,000. Finally, Spectrum Wealth Counsel LLC acquired a new stake in Synovus Financial during the first quarter worth $70,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Gregory G. Montana bought 1,000 shares of the stock in a transaction that occurred on Monday, October 20th. The stock was purchased at an average cost of $45.37 per share, with a total value of $45,370.00. Following the purchase, the director directly owned 5,464 shares of the company’s stock, valued at $247,901.68. This trade represents a 22.40% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 1.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SNV shares. Wells Fargo & Company reissued an “equal weight” rating and set a $58.00 target price (down previously from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Truist Financial cut their target price on Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Wall Street Zen raised Synovus Financial from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. UBS Group cut Synovus Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Finally, JPMorgan Chase & Co. dropped their price objective on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Eight research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $59.00.

Synovus Financial Trading Up 1.0%

Shares of NYSE SNV opened at $44.65 on Monday. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The stock has a fifty day simple moving average of $48.77 and a 200-day simple moving average of $48.91. The stock has a market capitalization of $6.20 billion, a PE ratio of 8.33, a PEG ratio of 0.77 and a beta of 1.21.

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

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Thursday, September 18th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s payout ratio is presently 29.10%.

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.