Principal Financial Group Inc. Sells 154,220 Shares of Synovus Financial Corp. (NYSE:SNV)

Principal Financial Group Inc. lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 31.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 333,399 shares of the bank’s stock after selling 154,220 shares during the quarter. Principal Financial Group Inc.’s holdings in Synovus Financial were worth $14,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. FMR LLC grew its stake in shares of Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after acquiring an additional 598,644 shares during the period. Wellington Management Group LLP lifted its holdings in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. State Street Corp raised its position in shares of Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after buying an additional 201,362 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after acquiring an additional 147,599 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Down 1.4 %

Shares of SNV opened at $51.19 on Friday. The firm has a market capitalization of $7.25 billion, a P/E ratio of 23.16, a P/E/G ratio of 1.58 and a beta of 1.38. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The firm has a fifty day moving average price of $53.76 and a 200-day moving average price of $46.83. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period in the prior year, the firm earned $0.84 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date is Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Analyst Ratings Changes

SNV has been the topic of several research analyst reports. Bank of America boosted their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Citigroup set a $59.00 price target on Synovus Financial in a research note on Friday, October 18th. Piper Sandler lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Evercore ISI raised their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Finally, Barclays upped their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.