Raymond James & Associates Cuts Holdings in Synovus Financial Corp. (NYSE:SNV)

Raymond James & Associates reduced its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 17.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 127,190 shares of the bank's stock after selling 27,060 shares during the quarter. Raymond James & Associates owned 0.09% of Synovus Financial worth $4,789,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Lazard Asset Management LLC boosted its stake in shares of Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank's stock worth $30,000 after buying an additional 318 shares during the last quarter. First Command Advisory Services Inc. bought a new stake in Synovus Financial during the third quarter worth about $33,000. Belpointe Asset Management LLC boosted its position in Synovus Financial by 138.0% during the first quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank's stock valued at $34,000 after purchasing an additional 635 shares during the last quarter. Venturi Wealth Management LLC bought a new position in Synovus Financial in the third quarter valued at approximately $48,000. Finally, Neo Ivy Capital Management bought a new stake in shares of Synovus Financial during the 2nd quarter worth approximately $48,000. Institutional investors and hedge funds own 83.85% of the company's stock.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the business's stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the sale, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the business's stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares of the company's stock, valued at approximately $1,280,021.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm's stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company's stock.

Synovus Financial Trading Up 0.1 %

SNV traded up $0.02 during trading on Thursday, reaching $37.18. 878,123 shares of the stock traded hands, compared to its average volume of 1,441,808. The stock's 50-day moving average is $37.87 and its 200 day moving average is $34.16. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $5.44 billion, a PE ratio of 10.75 and a beta of 1.40.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.14). The business had revenue of $488.68 million during the quarter, compared to analyst estimates of $527.60 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. Equities analysts anticipate that Synovus Financial Corp. will post 4.02 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.09%. Synovus Financial's dividend payout ratio (DPR) is presently 43.93%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Evercore ISI lifted their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an "in-line" rating in a research report on Thursday, March 28th. StockNews.com downgraded shares of Synovus Financial from a "hold" rating to a "sell" rating in a research report on Thursday, February 15th. UBS Group boosted their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a "buy" rating in a report on Tuesday, January 23rd. Royal Bank of Canada increased their target price on Synovus Financial from $42.00 to $44.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods boosted their price target on Synovus Financial from $45.00 to $46.00 and gave the company an "outperform" rating in a research note on Friday, January 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Synovus Financial currently has a consensus rating of "Moderate Buy" and an average price target of $41.50.

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.