Raymond James Financial Services Advisors Inc. lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 21.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,298 shares of the bank’s stock after selling 4,875 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Synovus Financial were worth $803,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of the company. HHM Wealth Advisors LLC purchased a new stake in shares of Synovus Financial during the third quarter worth $49,000. Redhawk Wealth Advisors Inc. increased its position in shares of Synovus Financial by 39.6% during the third quarter. Redhawk Wealth Advisors Inc. now owns 8,527 shares of the bank’s stock worth $374,000 after acquiring an additional 2,419 shares during the period. New York State Common Retirement Fund increased its holdings in Synovus Financial by 36.9% in the third quarter. New York State Common Retirement Fund now owns 605,670 shares of the bank’s stock valued at $26,583,000 after buying an additional 163,216 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Synovus Financial by 1.8% in the third quarter. Victory Capital Management Inc. now owns 1,332,492 shares of the bank’s stock valued at $58,483,000 after buying an additional 24,078 shares during the last quarter. Finally, AE Wealth Management LLC increased its holdings in Synovus Financial by 12.6% in the third quarter. AE Wealth Management LLC now owns 19,492 shares of the bank’s stock valued at $856,000 after buying an additional 2,176 shares during the last quarter. 76.95% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Mark G. Holladay sold 1,500 shares of the stock in a transaction dated Monday, November 1st. The shares were sold at an average price of $47.13, for a total transaction of $70,695.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Kessel D. Stelling sold 50,000 shares of the stock in a transaction dated Tuesday, October 19th. The shares were sold at an average price of $47.76, for a total transaction of $2,388,000.00. The disclosure for this sale can be found here. Insiders have sold 123,992 shares of company stock valued at $6,065,195 in the last quarter. Insiders own 1.11% of the company’s stock.
Synovus Financial (NYSE:SNV) last announced its earnings results on Monday, October 18th. The bank reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.13. Synovus Financial had a net margin of 33.57% and a return on equity of 15.49%. The business had revenue of $499.87 million during the quarter, compared to the consensus estimate of $491.33 million. During the same quarter in the prior year, the firm earned $0.89 earnings per share. Equities research analysts forecast that Synovus Financial Corp. will post 4.66 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, January 3rd. Stockholders of record on Thursday, December 16th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, December 15th. This represents a $1.32 annualized dividend and a dividend yield of 2.46%. Synovus Financial’s dividend payout ratio (DPR) is 29.01%.
SNV has been the topic of several recent analyst reports. Morgan Stanley increased their target price on Synovus Financial from $60.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, December 6th. Stephens increased their target price on Synovus Financial from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, October 20th. JPMorgan Chase & Co. raised Synovus Financial from a “neutral” rating to an “overweight” rating and increased their target price for the company from $53.00 to $56.00 in a report on Wednesday, December 15th. Royal Bank of Canada upped their price objective on shares of Synovus Financial from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 20th. Finally, Raymond James upped their price objective on shares of Synovus Financial from $54.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, November 4th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Synovus Financial currently has an average rating of “Buy” and a consensus target price of $56.44.
About Synovus Financial
Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.
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