Synovus Financial Corp. (NYSE:SNV) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in Synovus Financial Corp. (NYSE:SNV) by 31.6% during the 3rd quarter, HoldingsChannel.com reports. The firm 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Millennium Management LLC boosted its holdings in shares of Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in Synovus Financial during the 2nd quarter worth about $19,434,000. Interval Partners LP raised its holdings in Synovus Financial by 74.2% during the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock worth $15,570,000 after purchasing an additional 165,548 shares during the last quarter. Finally, Wedge Capital Management L L P NC increased its stake in shares of Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after acquiring an additional 148,842 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

Shares of SNV stock opened at $55.72 on Friday. The firm has a fifty day moving average price of $47.83 and a 200 day moving average price of $43.44. Synovus Financial Corp. has a 12 month low of $29.34 and a 12 month high of $59.79. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.89 billion, a P/E ratio of 25.21, a PEG ratio of 2.05 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.84 EPS. Sell-side analysts predict that Synovus Financial Corp. will post 4.36 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is currently 68.78%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Stephens lifted their price target on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. Truist Financial upped their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Citigroup set a $59.00 price objective on Synovus Financial in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.71.

Synovus Financial 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.