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

Principal Financial Group Inc. raised its stake in shares of Synovus Financial Corp. (NYSE:SNV – Get Rating) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 570,262 shares of the bank’s stock after purchasing an additional 3,675 shares during the period. Principal Financial Group Inc.’s holdings in Synovus Financial were worth $21,413,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Welch Group LLC lifted its stake in shares of Synovus Financial by 0.4% in the fourth quarter. Welch Group LLC now owns 62,590 shares of the bank’s stock worth $2,350,000 after buying an additional 250 shares in the last quarter. Profund Advisors LLC raised its stake in Synovus Financial by 4.6% during the fourth quarter. Profund Advisors LLC now owns 7,191 shares of the bank’s stock worth $270,000 after purchasing an additional 317 shares during the period. Yousif Capital Management LLC raised its stake in Synovus Financial by 0.4% during the fourth quarter. Yousif Capital Management LLC now owns 76,064 shares of the bank’s stock worth $2,856,000 after purchasing an additional 330 shares during the period. Oregon Public Employees Retirement Fund raised its stake in Synovus Financial by 0.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 42,766 shares of the bank’s stock worth $1,606,000 after purchasing an additional 378 shares during the period. Finally, LVZ Inc. raised its stake in Synovus Financial by 6.7% during the fourth quarter. LVZ Inc. now owns 6,321 shares of the bank’s stock worth $237,000 after purchasing an additional 397 shares during the period. 79.89% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 2.5 %

Shares of NYSE:SNV opened at $27.33 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 1.22. Synovus Financial Corp. has a twelve month low of $25.19 and a twelve month high of $44.91. The company has a market capitalization of $3.99 billion, a PE ratio of 5.30, a P/E/G ratio of 1.95 and a beta of 1.33. The firm has a 50 day simple moving average of $29.17 and a 200-day simple moving average of $36.34.

Synovus Financial (NYSE:SNV – Get Rating) last posted its quarterly earnings results on Wednesday, April 19th. The bank reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.11. The business had revenue of $613.90 million for the quarter, compared to analysts’ expectations of $589.40 million. Synovus Financial had a net margin of 28.04% and a return on equity of 19.92%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.08 EPS. On average, equities analysts predict that Synovus Financial Corp. will post 4.66 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Thursday, March 16th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 5.56%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Wednesday, March 15th. Synovus Financial’s dividend payout ratio is presently 29.46%.

Insider Activity at Synovus Financial

In other news, EVP Daniel Zachary Bishop bought 1,000 shares of Synovus Financial stock in a transaction on Friday, May 5th. The shares were bought at an average cost of $27.96 per share, for a total transaction of $27,960.00. Following the acquisition, the executive vice president now owns 32,541 shares in the company, valued at $909,846.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Daniel Zachary Bishop acquired 1,000 shares of the business’s stock in a transaction dated Friday, May 5th. The shares were acquired at an average cost of $27.96 per share, for a total transaction of $27,960.00. Following the acquisition, the executive vice president now directly owns 32,541 shares in the company, valued at approximately $909,846.36. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the business’s stock in a transaction dated Monday, May 1st. The shares were bought at an average price of $30.33 per share, for a total transaction of $60,660.00. Following the completion of the acquisition, the chief financial officer now owns 28,809 shares in the company, valued at $873,776.97. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 11,375 shares of company stock valued at $309,411. Insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SNV shares. Morgan Stanley reduced their target price on shares of Synovus Financial from $44.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 5th. Janney Montgomery Scott upgraded shares of Synovus Financial from a “neutral” rating to a “buy” rating and set a $38.00 price target for the company in a research report on Monday, April 24th. Wells Fargo & Company dropped their price target on shares of Synovus Financial from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, April 21st. The Goldman Sachs Group dropped their price target on shares of Synovus Financial from $46.00 to $39.00 and set a “neutral” rating for the company in a research report on Thursday, March 30th. Finally, UBS Group lifted their price objective on shares of Synovus Financial from $31.00 to $33.00 in a report on Tuesday, April 25th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.88.

Synovus Financial Company Profile

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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.