Principal Financial Group Inc. Increases Stake in Synovus Financial Corp. (NYSE:SNV)

Principal Financial Group Inc. raised its position in Synovus Financial Corp. (NYSE:SNVGet Rating) by 6.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 572,093 shares of the bank’s stock after purchasing an additional 34,538 shares during the period. Principal Financial Group Inc. owned 0.39% of Synovus Financial worth $20,624,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Carson Advisory Inc. raised its holdings in shares of Synovus Financial by 0.5% during the 2nd quarter. Carson Advisory Inc. now owns 52,166 shares of the bank’s stock worth $1,881,000 after acquiring an additional 253 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Synovus Financial by 7.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,681 shares of the bank’s stock valued at $180,000 after acquiring an additional 263 shares during the last quarter. D.A. Davidson & CO. boosted its position in shares of Synovus Financial by 1.0% during the 2nd quarter. D.A. Davidson & CO. now owns 29,305 shares of the bank’s stock valued at $1,056,000 after acquiring an additional 283 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Synovus Financial by 1.9% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 16,589 shares of the bank’s stock valued at $598,000 after acquiring an additional 307 shares during the last quarter. Finally, Securian Asset Management Inc. boosted its position in shares of Synovus Financial by 2.5% during the 2nd quarter. Securian Asset Management Inc. now owns 13,250 shares of the bank’s stock valued at $478,000 after acquiring an additional 318 shares during the last quarter. Hedge funds and other institutional investors own 80.41% of the company’s stock.

Synovus Financial Stock Up 1.4 %

Shares of SNV opened at $41.88 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.20. The firm has a market cap of $6.09 billion, a P/E ratio of 8.53, a price-to-earnings-growth ratio of 5.35 and a beta of 1.34. The company’s 50-day moving average price is $39.85 and its 200 day moving average price is $39.66. Synovus Financial Corp. has a 12-month low of $34.15 and a 12-month high of $54.40.

Synovus Financial (NYSE:SNVGet Rating) last issued its quarterly earnings results on Thursday, October 20th. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.06. Synovus Financial had a net margin of 33.25% and a return on equity of 17.83%. During the same quarter last year, the firm earned $1.20 EPS. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.85 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $1.36 dividend on an annualized basis and a yield of 3.25%. Synovus Financial’s dividend payout ratio (DPR) is presently 27.70%.

Insiders Place Their Bets

In other Synovus Financial news, EVP Allan E. Kamensky sold 663 shares of the business’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $43.80, for a total transaction of $29,039.40. Following the sale, the executive vice president now directly owns 5,090 shares in the company, valued at $222,942. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.55% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SNV shares. Truist Financial lowered their price target on shares of Synovus Financial to $49.00 in a research report on Thursday, September 15th. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b” rating in a research report on Friday, November 4th. Royal Bank of Canada lowered their price target on shares of Synovus Financial from $49.00 to $46.00 and set an “outperform” rating on the stock in a research report on Friday, October 21st. Raymond James reduced their price objective on shares of Synovus Financial from $48.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, October 21st. Finally, StockNews.com initiated coverage on shares of Synovus Financial in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.50.

Synovus Financial Company 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.

Further Reading

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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