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

Principal Financial Group Inc. grew its position in Synovus Financial Corp. (NYSE:SNVGet Rating) by 6.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 572,093 shares of the bank’s stock after buying an additional 34,538 shares during the quarter. Principal Financial Group Inc.’s holdings in Synovus Financial were worth $20,624,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Private Capital Group LLC boosted its stake in shares of Synovus Financial by 957.4% during the second quarter. Private Capital Group LLC now owns 719 shares of the bank’s stock valued at $26,000 after acquiring an additional 651 shares during the last quarter. Covestor Ltd boosted its stake in shares of Synovus Financial by 76.7% during the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after acquiring an additional 472 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Synovus Financial during the first quarter valued at $74,000. Fifth Third Bancorp boosted its stake in shares of Synovus Financial by 38.3% during the second quarter. Fifth Third Bancorp now owns 1,512 shares of the bank’s stock valued at $55,000 after acquiring an additional 419 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of Synovus Financial by 356.0% during the second quarter. Steward Partners Investment Advisory LLC now owns 2,102 shares of the bank’s stock valued at $76,000 after acquiring an additional 1,641 shares during the last quarter. Hedge funds and other institutional investors own 80.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. StockNews.com assumed coverage on Synovus Financial in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Truist Financial decreased their price target on Synovus Financial to $49.00 in a research note on Thursday, September 15th. Royal Bank of Canada decreased their price target on Synovus Financial from $49.00 to $46.00 and set an “outperform” rating on the stock in a research note on Friday, October 21st. Raymond James reduced their price objective on Synovus Financial from $48.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, October 21st. Finally, Wells Fargo & Company reduced their price objective on Synovus Financial from $60.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 21st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.50.

Synovus Financial Stock Performance

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

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

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $1.36 annualized dividend and a dividend yield of 3.25%. Synovus Financial’s payout ratio is currently 27.70%.

Insiders Place Their Bets

In other news, EVP Allan E. Kamensky sold 663 shares of Synovus Financial stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $43.80, for a total value of $29,039.40. Following the completion of the transaction, the executive vice president now owns 5,090 shares in the company, valued at approximately $222,942. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.55% of the stock is owned by company insiders.

Synovus Financial 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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