Raymond James Trust N.A. Takes $262,000 Position in Synovus Financial Corp. (NYSE:SNV)

Raymond James Trust N.A. purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the third quarter, Holdings Channel reports. The firm purchased 5,887 shares of the bank’s stock, valued at approximately $262,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in shares of Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after acquiring an additional 147,599 shares during the last quarter. Advisors Asset Management Inc. grew its position in Synovus Financial by 66.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,586 shares of the bank’s stock worth $115,000 after purchasing an additional 1,030 shares during the last quarter. Pathstone Holdings LLC increased its stake in Synovus Financial by 1.9% in the third quarter. Pathstone Holdings LLC now owns 52,416 shares of the bank’s stock valued at $2,331,000 after purchasing an additional 980 shares during the period. Quest Partners LLC purchased a new stake in shares of Synovus Financial in the third quarter valued at about $1,264,000. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Synovus Financial by 7.6% during the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after buying an additional 10,346 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on SNV. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Barclays increased their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. DA Davidson boosted their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. 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 research note on Tuesday. Finally, Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.94.

Synovus Financial Stock Down 0.9 %

Shares of NYSE SNV opened at $57.45 on Thursday. The firm’s 50-day moving average is $49.60 and its two-hundred day moving average is $44.42. The company has a market capitalization of $8.14 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 2.12 and a beta of 1.37. Synovus Financial Corp. has a 12-month low of $29.48 and a 12-month high of $59.92. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the prior year, the firm earned $0.84 EPS. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. Equities analysts anticipate that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.65%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

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.