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

Raymond James Financial Inc. increased its position in Synovus Financial Corp. (NYSE:SNV) by 12.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 146,153 shares of the bank’s stock after acquiring an additional 15,629 shares during the period. Raymond James Financial Inc. owned about 0.11% of Synovus Financial worth $6,831,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SNV. Northern Trust Corp grew its stake in shares of Synovus Financial by 32.4% during the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank’s stock valued at $70,702,000 after purchasing an additional 337,784 shares during the period. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Synovus Financial by 74.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 22,757 shares of the bank’s stock worth $1,166,000 after buying an additional 9,707 shares during the last quarter. Centiva Capital LP boosted its holdings in shares of Synovus Financial by 20.2% in the fourth quarter. Centiva Capital LP now owns 10,413 shares of the bank’s stock worth $533,000 after buying an additional 1,751 shares during the last quarter. Cetera Investment Advisers grew its position in Synovus Financial by 27.5% during the fourth quarter. Cetera Investment Advisers now owns 6,985 shares of the bank’s stock valued at $358,000 after buying an additional 1,505 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in Synovus Financial during the fourth quarter valued at approximately $14,784,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

NYSE:SNV opened at $51.32 on Wednesday. The business’s 50-day simple moving average is $51.51 and its two-hundred day simple moving average is $48.27. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The stock has a market cap of $7.12 billion, a PE ratio of 9.85, a P/E/G ratio of 0.87 and a beta of 1.22. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same quarter in the prior year, the company posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Barclays dropped their price target on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, July 28th. JPMorgan Chase & Co. lifted their target price on Synovus Financial from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Morgan Stanley boosted their price target on Synovus Financial from $58.00 to $61.00 and gave the company an “equal weight” rating in a report on Friday, July 18th. Jefferies Financial Group began coverage on Synovus Financial in a research report on Wednesday, May 21st. They issued a “hold” rating and a $55.00 price target for the company. Finally, Truist Financial lifted their price objective on Synovus Financial from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.83.

Insider Activity at Synovus Financial

In related news, Director Diana M. Murphy acquired 1,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the transaction, the director directly owned 40,171 shares in the company, valued at approximately $1,960,344.80. This represents a 2.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory G. Montana bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average price of $46.74 per share, with a total value of $46,740.00. Following the transaction, the director owned 4,341 shares of the company’s stock, valued at $202,898.34. The trade was a 29.93% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 8,040 shares of company stock valued at $392,916. Corporate insiders own 1.00% of the company’s stock.

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.