State of Michigan Retirement System Lowers Position in Synovus Financial Corp. (NYSE:SNV)

State of Michigan Retirement System decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 2.0% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 33,504 shares of the bank’s stock after selling 700 shares during the period. State of Michigan Retirement System’s holdings in Synovus Financial were worth $1,716,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its stake in Synovus Financial by 6.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,449 shares of the bank’s stock worth $287,000 after purchasing an additional 365 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Synovus Financial by 474.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after buying an additional 1,211 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Synovus Financial by 0.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 49,191 shares of the bank’s stock worth $2,188,000 after buying an additional 360 shares during the period. SpiderRock Advisors LLC increased its stake in shares of Synovus Financial by 3.4% in the 3rd quarter. SpiderRock Advisors LLC now owns 57,036 shares of the bank’s stock worth $2,536,000 after acquiring an additional 1,860 shares in the last quarter. Finally, Atria Investments Inc lifted its position in Synovus Financial by 42.1% during the 3rd quarter. Atria Investments Inc now owns 7,198 shares of the bank’s stock valued at $320,000 after acquiring an additional 2,132 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $46.81 on Friday. The firm’s 50 day moving average price is $53.37 and its 200-day moving average price is $50.93. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $6.59 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.80 EPS. Equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.33%. Synovus Financial’s dividend payout ratio is presently 51.15%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective on the stock. Wells Fargo & Company upped their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Stephens reiterated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. Citigroup boosted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.44.

About Synovus Financial

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.