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

Principal Financial Group Inc. reduced its stake in Synovus Financial Corp. (NYSE:SNV) by 31.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 333,399 shares of the bank’s stock after selling 154,220 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Synovus Financial worth $14,826,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Millennium Management LLC grew its position 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 valued at $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after purchasing an additional 491,036 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Synovus Financial during the second quarter valued at $19,434,000. Interval Partners LP grew its holdings in shares of Synovus Financial by 74.2% during the first quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after buying an additional 165,548 shares during the last quarter. Finally, Wedge Capital Management L L P NC lifted its position in Synovus Financial by 14.9% during the second 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 purchasing an additional 148,842 shares during the period. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Up 0.1 %

Shares of NYSE SNV opened at $55.72 on Friday. Synovus Financial Corp. has a 12-month low of $29.34 and a 12-month high of $59.79. The company has a market capitalization of $7.89 billion, a PE ratio of 25.21, a price-to-earnings-growth ratio of 2.05 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The firm’s 50-day moving average is $47.83 and its two-hundred day moving average is $43.44.

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

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.73%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SNV. Truist Financial upped their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Morgan Stanley upped their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Citigroup set a $59.00 price target on shares of Synovus Financial in a research note on Friday, October 18th. Royal Bank of Canada upped their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, Barclays increased their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.71.

About Synovus Financial

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.