Raymond James Upgrades Synovus Financial's Preferred Stock

A recent report highlights Raymond James' upgrade of Synovus Financial - Preferred Stock from 'Market Perform' to 'Outperform.' Despite a slight decrease in fund ownership, institutional shares have significantly increased, indicating positive fund sentiment toward the stock.

Date: 19-09-2024

AI Rating: 7

The report discusses the recent upgrade of Synovus Financial - Preferred Stock (NYSE:SNV.PRE) by Raymond James, enhancing its outlook from 'Market Perform' to 'Outperform.' This upgrade is an important indicator for potential investors as it reflects an improved assessment of the stock’s future performance.

Despite the decrease in the number of funds or institutions reporting positions in Synovus Financial, with an overall decrease of 2 owner(s) or 6.90%, there is noteworthy growth in the average portfolio weight dedicated to SNV.PRE, which has increased by 23.00%, now standing at 0.60% for all funds.

Moreover, institutional shares have seen an increase of 7.73% over the last three months, totaling 4,404K shares. This trend can positively affect stock prices as it suggests growing confidence from institutional investors. It is especially relevant in the context of the performance of the funds that hold these shares. For instance, Flaherty & Crumrine Preferred Securities Income Fund increased its holdings from 385K to 518K shares, marking a significant increase of 25.62%. Their portfolio allocation in SNV.PRE was heightened by 33.47% over the last quarter, indicating strong bullish sentiment.

Similarly, Flaherty & Crumrine Dynamic Preferred & Income Fund's holdings increased from 215K to 288K shares, illustrating a rise of 25.34% and a portfolio allocation increase of 32.82%. These developments suggest that investors are actively increasing their exposure to Synovus Financial - Preferred Stock, further supporting the positive outlook by Raymond James.

In summary, although there was a slight decrease in the number of funds reported, the overall increase in institutional holdings and portfolio allocations reinforces a positive sentiment around SNV.PRE. This could lead to upward pressure on the stock price in the upcoming trading periods.

Stocks: SNV.PRE