130,524 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 130,524 shares of the bank’s stock, valued at approximately $6,687,000. Raymond James Financial Inc. owned about 0.09% of Synovus Financial as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SNV. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after buying an additional 1,095,557 shares in the last quarter. FMR LLC grew its stake in shares of Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after buying an additional 598,644 shares in the last quarter. TruWealth Advisors LLC purchased a new position in shares of Synovus Financial in the 4th quarter worth $12,350,000. Blue Trust Inc. grew its stake in shares of Synovus Financial by 934.0% in the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock worth $12,638,000 after buying an additional 222,828 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after buying an additional 201,362 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Up 0.1 %

Shares of SNV opened at $47.35 on Monday. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The company has a 50-day moving average of $52.18 and a 200 day moving average of $51.01. The firm has a market capitalization of $6.68 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.11 and a beta of 1.36. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to the consensus estimate 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 for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.80 EPS. On average, research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.29%. Synovus Financial’s dividend payout ratio (DPR) is 51.15%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Stephens reissued an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. The Goldman Sachs Group raised their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. UBS Group assumed coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price for the company. Finally, Wells Fargo & Company raised their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and an average target price of $58.67.

Synovus Financial Company 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.