Raymond James Financial Services Advisors Inc. Acquires 10,592 Shares of Synovus Financial Corp. (NYSE:SNV)

Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNVGet Rating) by 39.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 37,415 shares of the bank’s stock after purchasing an additional 10,592 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Synovus Financial were worth $1,403,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wedge Capital Management L L P NC acquired a new position in Synovus Financial during the 3rd quarter worth about $27,124,000. FMR LLC lifted its position in shares of Synovus Financial by 14.5% during the second quarter. FMR LLC now owns 4,289,529 shares of the bank’s stock worth $154,638,000 after purchasing an additional 541,698 shares in the last quarter. Synovus Financial Corp grew its stake in shares of Synovus Financial by 8.7% during the second quarter. Synovus Financial Corp now owns 5,873,308 shares of the bank’s stock valued at $211,728,000 after purchasing an additional 468,077 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Synovus Financial in the first quarter valued at approximately $20,823,000. Finally, Basswood Capital Management L.L.C. raised its position in Synovus Financial by 702.7% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 397,632 shares of the bank’s stock worth $14,335,000 after purchasing an additional 348,097 shares during the last quarter. 79.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. StockNews.com began coverage on Synovus Financial in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Wells Fargo & Company lowered their price objective on Synovus Financial from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 21st. TheStreet upgraded shares of Synovus Financial from a “c+” rating to a “b” rating in a research report on Friday, November 4th. Royal Bank of Canada lowered their price target on shares of Synovus Financial from $49.00 to $46.00 and set an “outperform” rating for the company in a research report on Friday, October 21st. Finally, Raymond James dropped their price target on shares of Synovus Financial from $48.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, October 21st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus target price of $47.30.

Synovus Financial Stock Up 1.9 %

Shares of NYSE SNV opened at $37.71 on Friday. Synovus Financial Corp. has a 52-week low of $34.15 and a 52-week high of $54.40. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market cap of $5.49 billion, a P/E ratio of 7.68, a P/E/G ratio of 6.16 and a beta of 1.35. The firm has a 50 day moving average price of $39.30 and a 200 day moving average price of $39.56.

Synovus Financial (NYSE:SNVGet Rating) last released its quarterly earnings data on Thursday, October 20th. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.06. The business had revenue of $582.22 million during the quarter, compared to analysts’ expectations of $570.52 million. Synovus Financial had a net margin of 33.25% and a return on equity of 17.83%. During the same quarter in the prior year, the company earned $1.20 EPS. Analysts expect that Synovus Financial Corp. will post 4.95 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date was Wednesday, December 14th. Synovus Financial’s dividend payout ratio is currently 27.70%.

Insider Activity

In related news, EVP Allan E. Kamensky sold 663 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $43.80, for a total value of $29,039.40. Following the completion of the transaction, the executive vice president now directly owns 5,090 shares in the company, valued at approximately $222,942. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.55% of the stock is currently owned by company insiders.

Synovus Financial Profile

(Get Rating)

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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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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