Raymond James Financial Inc. Acquires 15,629 Shares of Synovus Financial Corp. $SNV

Raymond James Financial Inc. raised its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 146,153 shares of the bank's stock after purchasing an additional 15,629 shares during the quarter. Raymond James Financial Inc. owned 0.11% of Synovus Financial worth $6,831,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SNV. Colonial Trust Co SC increased its stake in shares of Synovus Financial by 554.4% in the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after acquiring an additional 499 shares during the last quarter. Spectrum Wealth Counsel LLC purchased a new position in Synovus Financial in the first quarter valued at about $70,000. Quent Capital LLC grew its stake in Synovus Financial by 205.6% in the first quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock valued at $84,000 after purchasing an additional 1,209 shares in the last quarter. UMB Bank n.a. grew its stake in Synovus Financial by 142.3% in the first quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock valued at $85,000 after purchasing an additional 1,063 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC purchased a new position in Synovus Financial in the fourth quarter valued at about $102,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

Shares of NYSE SNV traded down $0.61 during trading hours on Friday, hitting $51.51. 1,189,683 shares of the company's stock were exchanged, compared to its average volume of 1,586,421. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $7.15 billion, a price-to-earnings ratio of 9.89, a PEG ratio of 0.86 and a beta of 1.22. The company's 50-day moving average price is $51.54 and its 200-day moving average price is $48.20.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.The business had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. During the same quarter in the previous year, the firm earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. On average, sell-side analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Thursday, September 18th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's payout ratio is currently 29.94%.

Insiders Place Their Bets

In related news, CEO Kevin S. Blair bought 4,040 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the purchase, the chief executive officer owned 164,378 shares in the company, valued at approximately $8,120,273.20. This represents a 2.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $48.90 per share, with a total value of $97,800.00. Following the purchase, the chief financial officer owned 58,220 shares of the company's stock, valued at $2,846,958. This trade represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 8,040 shares of company stock worth $392,916 over the last quarter. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on SNV shares. Raymond James Financial downgraded Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday, July 28th. Jefferies Financial Group started coverage on Synovus Financial in a research note on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price on the stock. Barclays lowered their target price on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Truist Financial increased their target price on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.83.

Synovus Financial Company 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.