Synovus Financial Corp. (NYSE:SNV) Shares Sold by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. lessened its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 18.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,606 shares of the bank’s stock after selling 4,261 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Synovus Financial were worth $701,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. North Reef Capital Management LP increased its position in shares of Synovus Financial by 52.7% during the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares during the last quarter. Norges Bank purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $55,365,000. Schonfeld Strategic Advisors LLC increased its position in shares of Synovus Financial by 591.4% during the first quarter. Schonfeld Strategic Advisors LLC now owns 1,146,116 shares of the bank’s stock worth $35,335,000 after acquiring an additional 980,341 shares during the last quarter. FMR LLC increased its position in shares of Synovus Financial by 10.0% during the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after acquiring an additional 977,155 shares during the last quarter. Finally, State Street Corp increased its holdings in Synovus Financial by 15.7% in the first quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock valued at $216,502,000 after buying an additional 941,244 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

SNV opened at $36.64 on Wednesday. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 3.96 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $40.92. The business has a 50 day moving average price of $37.93 and a two-hundred day moving average price of $34.45.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.14). The firm had revenue of $488.68 million during the quarter, compared to analyst estimates of $527.60 million. Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. Research analysts predict that Synovus Financial Corp. will post 4.05 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.15%. Synovus Financial’s dividend payout ratio (DPR) is presently 43.93%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the sale, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Wells Fargo & Company boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. Evercore ISI boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Barclays assumed coverage on Synovus Financial in a report on Friday, March 8th. They issued an “equal weight” rating and a $42.00 price objective for the company. Finally, DA Davidson reissued a “buy” rating on shares of Synovus Financial in a report on Monday, January 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.50.

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.