Principal Financial Group Inc. raised its position in Synovus Financial Corp. (NYSE: SNV — GET Rating) by 6.4% in the second quarter, the company revealed in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor held 572,093 shares of the bank’s stock after purchasing an additional 34,538 shares during the quarter. At the end of the most recent quarter, Principal Financial Group Inc. in Synovus Financial The holding was valued at $20,624,000.
Several other hedge funds also made changes to their positions in the company. Private Capital Group LLC increased its holding in shares of Synovus Financial to 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. Covester Limited increased its holding in the shares of Synovus Financial to 76.7% during the first quarter. Covester 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 increased its holding in shares of Synovus Financial to 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 increased its holding in shares of Synovus Financial to 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 hold 80.41% of the company’s stock.
Analysts set new price targets
Several analysts have commented on the company recently. StockNews.com assumed coverage on Synovus Financial in a research note on Wednesday, October 12. They set a “Hold” rating on the stock. Truest Financial decreased its price target on Synovus Financial to $49.00 in a research note on Thursday, September 15. Royal Bank of Canada cut its 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 21. Raymond James cut his 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 21. Finally, Wells Fargo & Company cut its 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 21. Two equity research analysts have a Hold rating on the stock and seven have a Buy rating on the company’s stock. According to MarketBeat.com, the stock currently 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 capitalization of $6.09 billion, P/E ratio of 8.53, PEG ratio of 5.35 and 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.’s one year low is $34.15 and its one year high is $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: SNV – Receive Rating) last announced its earnings results on Thursday, October 20. The bank reported EPS of $1.34 for the quarter, beating the consensus estimate of $1.28 by $0.06. Synovus Financial had a Return on Equity of 17.83% and Net Margin of 33.25%. During the same quarter last year, the company posted $1.20 EPS. On average, sell-side analysts estimate that Synovus Financial Corporation will post $4.85 earnings per share for the current fiscal year.
Synovus Financial Declares Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, October 3. A dividend of $0.34 per share was issued to investors of record on Thursday, September 15. The ex-dividend date of this dividend was Wednesday, September 14. This represents a $1.36 annual dividend and a dividend yield of 3.25%. The payout ratio of Synovus Financial currently stands at 27.70%.
insiders place their bets
In other news, EVP Alan E. Kamensky sold 663 shares of Synovus Financial stock in a transaction that occurred on Monday, November 14. 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 holds 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 via this hyperlink. 1.55% of the stock is owned by company insiders.
Synovus Financial Profile
Synovus Financial Corporation serves as the bank holding company for Synovus Bank which 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 markets and institutional trust services, as well as commercial, financial and real estate lending.
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