Raymond James Financial Services Advisors Inc. Has $701,000 Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Raymond James Financial Services Advisors Inc. trimmed its stake in Synovus Financial Corp. (NYSE:SNV) by 18.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,606 shares of the bank’s stock after selling 4,261 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Synovus Financial were worth $701,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Lazard Asset Management LLC grew its holdings in shares of Synovus Financial by 64.8% during the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after buying an additional 318 shares during the last quarter. First Command Advisory Services Inc. acquired a new position in shares of Synovus Financial during the third quarter valued at about $33,000. Belpointe Asset Management LLC grew its holdings in shares of 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 buying an additional 635 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in shares of Synovus Financial during the third quarter valued at about $48,000. Finally, Neo Ivy Capital Management acquired a new position in shares of Synovus Financial during the second quarter valued at about $48,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $36.64 on Wednesday. Synovus Financial Corp. has a 52-week low of $24.40 and a 52-week high of $40.92. The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 3.96 and a beta of 1.40. The company has a fifty day moving average of $37.93 and a 200-day moving average of $34.45. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 17th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.14). Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The business had revenue of $488.68 million during the quarter, compared to analysts’ expectations of $527.60 million. Equities research analysts expect that Synovus Financial Corp. will post 4.05 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.15%. Synovus Financial’s dividend payout ratio is currently 43.93%.

Insider Activity at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were 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 in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were 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 in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company’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 sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SNV has been the topic of several analyst reports. Truist Financial boosted their price target on shares of Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Royal Bank of Canada boosted their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, April 9th. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Synovus Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Finally, Wells Fargo & Company lifted their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.50.

About Synovus Financial

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.