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

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

Several other large investors have also made changes to their positions in the business. Proficio Capital Partners LLC acquired a new position in Synovus Financial during the fourth quarter worth $3,798,000. M&T Bank Corp raised its position in shares of Synovus Financial by 4.8% during the 4th quarter. M&T Bank Corp now owns 7,265 shares of the bank's stock worth $372,000 after purchasing an additional 331 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Synovus Financial by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock valued at $261,778,000 after buying an additional 117,242 shares in the last quarter. Winslow Asset Management Inc. boosted its holdings in Synovus Financial by 15.6% in the 4th quarter. Winslow Asset Management Inc. now owns 11,108 shares of the bank's stock worth $569,000 after buying an additional 1,503 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its stake in Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after buying an additional 461 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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Synovus Financial Stock Down 1.8 %

Shares of NYSE:SNV traded down $0.88 during trading on Thursday, hitting $47.47. 1,313,205 shares of the company were exchanged, compared to its average volume of 1,527,986. The firm's 50 day moving average price is $51.87 and its 200-day moving average price is $51.07. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $6.69 billion, a P/E ratio of 15.56, a PEG ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to analysts' expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Synovus Financial's quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.80 earnings per share. On average, research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a report on Monday, December 9th. They set a "buy" rating and a $64.00 price target on the stock. Morgan Stanley reduced their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. UBS Group assumed coverage on Synovus Financial in a research report on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price objective for the company. Stephens restated an "equal weight" rating and issued a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $58.67.

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.