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

Raymond James Trust N.A. acquired a new stake in Synovus Financial Corp. (NYSE:SNV) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,887 shares of the bank’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Synovus Financial by 81.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock worth $9,249,000 after buying an additional 103,891 shares during the last quarter. Comerica Bank grew its position in Synovus Financial by 93.1% in the first quarter. Comerica Bank now owns 121,852 shares of the bank’s stock worth $4,881,000 after acquiring an additional 58,738 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Synovus Financial during the first quarter worth $100,000. EverSource Wealth Advisors LLC raised its position in Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after purchasing an additional 298 shares during the period. Finally, Abich Financial Wealth Management LLC lifted its stake in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Price Performance

Shares of SNV opened at $57.45 on Thursday. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 2.12 and a beta of 1.37. The firm’s fifty day simple moving average is $49.60 and its 200-day simple moving average is $44.42. Synovus Financial Corp. has a twelve month low of $29.48 and a twelve month high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share 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 company had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same period last year, the firm earned $0.84 earnings per share. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. Equities analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. 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 payout ratio is currently 68.78%.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of recent analyst reports. Barclays upped their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. DA Davidson upped their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. The Goldman Sachs Group lifted their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday. Stephens upped their price target on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, Morgan Stanley lifted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $53.94.

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.