Janney Montgomery Scott LLC Has $1.26 Million Position in Synovus Financial Corp. (NYSE:SNV)

Janney Montgomery Scott LLC raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV – Get Rating) by 10.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,708 shares of the bank’s stock after buying an additional 3,092 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Synovus Financial were worth $1,264,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SNV. Amundi acquired a new position in shares of Synovus Financial during the second quarter worth approximately $25,000. Private Capital Group LLC lifted its holdings in shares of Synovus Financial by 957.4% during the second quarter. Private Capital Group LLC now owns 719 shares of the bank’s stock worth $26,000 after buying an additional 651 shares during the last quarter. J.W. Cole Advisors Inc. acquired a new position in shares of Synovus Financial during the first quarter worth approximately $30,000. Neo Ivy Capital Management acquired a new position in shares of Synovus Financial during the second quarter worth approximately $48,000. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Synovus Financial by 38.0% during the second quarter. Quadrant Capital Group LLC now owns 1,474 shares of the bank’s stock worth $53,000 after buying an additional 406 shares during the last quarter. 79.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Allan E. Kamensky sold 663 shares of the company’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $43.80, for a total transaction of $29,039.40. Following the transaction, the executive vice president now owns 5,090 shares of the company’s stock, valued at $222,942. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.55% of the stock is currently owned by insiders.

Synovus Financial Price Performance

Shares of SNV stock opened at $39.58 on Tuesday. The stock’s fifty day moving average is $39.51 and its 200-day moving average is $39.57. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market capitalization of $5.76 billion, a PE ratio of 8.06, a PEG ratio of 6.16 and a beta of 1.34. Synovus Financial Corp. has a 52 week low of $34.15 and a 52 week high of $54.40.

Synovus Financial (NYSE:SNV – Get Rating) last announced its earnings results on Thursday, October 20th. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.28 by $0.06. The company had revenue of $582.22 million for the quarter, compared to analysts’ expectations of $570.52 million. Synovus Financial had a return on equity of 17.83% and a net margin of 33.25%. During the same quarter in the prior year, the business earned $1.20 earnings per share. Equities research analysts expect that Synovus Financial Corp. will post 4.95 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.44%. The ex-dividend date was Wednesday, December 14th. Synovus Financial’s dividend payout ratio (DPR) is presently 27.70%.

Analyst Ratings Changes

A number of brokerages recently commented on SNV. Royal Bank of Canada cut their target price on Synovus Financial from $49.00 to $46.00 and set an “outperform” rating for the company in a research note on Friday, October 21st. JPMorgan Chase & Co. cut their target price on Synovus Financial from $45.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 13th. StockNews.com began coverage on Synovus Financial in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley began coverage on Synovus Financial in a research note on Monday, December 5th. They issued an “equal weight” rating and a $44.00 target price for the company. Finally, DA Davidson upped their target price on Synovus Financial from $42.50 to $45.50 in a research note on Friday, December 9th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.30.

Synovus Financial Profile

(Get Rating)

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.