Synovus Financial Corp. $SNV Shares Sold by Strs Ohio

Strs Ohio cut its stake in Synovus Financial Corp. (NYSE:SNV) by 87.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,316 shares of the bank’s stock after selling 22,576 shares during the period. Strs Ohio’s holdings in Synovus Financial were worth $163,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. McIlrath & Eck LLC raised its position in shares of Synovus Financial by 664.8% in the third quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock valued at $27,000 after buying an additional 472 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in shares of Synovus Financial during the 2nd quarter worth $31,000. True Wealth Design LLC boosted its holdings in shares of Synovus Financial by 1,817.8% during the third quarter. True Wealth Design LLC now owns 863 shares of the bank’s stock worth $42,000 after purchasing an additional 818 shares during the last quarter. Tripletail Wealth Management LLC purchased a new stake in shares of Synovus Financial in the third quarter valued at $46,000. Finally, Ransom Advisory Ltd grew its position in shares of Synovus Financial by 90.0% in the third quarter. Ransom Advisory Ltd now owns 950 shares of the bank’s stock valued at $47,000 after purchasing an additional 450 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Royal Bank Of Canada reduced their target price on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Barclays increased their price objective on shares of Synovus Financial from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Stephens decreased their target price on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Friday, October 17th. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $58.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Finally, DA Davidson reaffirmed a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a research note on Thursday, October 16th. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $58.08.

Synovus Financial Price Performance

Synovus Financial stock opened at $50.51 on Wednesday. The firm has a fifty day moving average of $50.92 and a 200-day moving average of $49.40. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $7.01 billion, a P/E ratio of 9.42, a PEG ratio of 0.88 and a beta of 1.21.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 24th. Stockholders of record on Thursday, December 18th were given a $0.39 dividend. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. Synovus Financial’s dividend payout ratio is presently 29.10%.

About Synovus Financial

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.