Raymond James Financial Inc. Purchases Shares of 130,524 Synovus Financial Corp. (NYSE:SNV)

Raymond James Financial Inc. acquired a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) during the 4th quarter, according to its most recent disclosure with the 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 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in SNV. Montgomery Investment Management Inc. boosted its position in shares of Synovus Financial by 0.6% during the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock worth $2,177,000 after buying an additional 235 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. boosted its position in Synovus Financial by 0.3% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock worth $5,301,000 after acquiring an additional 270 shares during the last quarter. Wedmont Private Capital grew its stake in shares of Synovus Financial by 3.3% during the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank's stock worth $479,000 after acquiring an additional 299 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Synovus Financial by 2.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank's stock valued at $758,000 after purchasing an additional 302 shares during the last quarter. Finally, Savant Capital LLC lifted its position in shares of Synovus Financial by 2.7% in the fourth quarter. Savant Capital LLC now owns 11,923 shares of the bank's stock worth $611,000 after purchasing an additional 314 shares in the last quarter. Institutional investors own 83.85% of the company's stock.

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Synovus Financial Trading Down 0.0 %

Shares of Synovus Financial stock traded down $0.01 during midday trading on Tuesday, reaching $48.99. The company had a trading volume of 483,834 shares, compared to its average volume of 1,343,052. The firm has a market cap of $6.91 billion, a PE ratio of 16.07, a P/E/G ratio of 1.11 and a beta of 1.36. The stock has a fifty day moving average price of $52.12 and a 200 day moving average price of $51.04. 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 Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. The company 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 revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.80 earnings per share. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.18%. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial's payout ratio is currently 51.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SNV shares. Stephens reissued an "equal weight" rating and set a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Wells Fargo & Company upped their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Citigroup boosted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Morgan Stanley lowered their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. boosted their price target on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $58.67.

Synovus Financial 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.