Principal Financial Group Inc. increased its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 6.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 453,475 shares of the company’s stock after buying an additional 25,607 shares during the period. Principal Financial Group Inc. owned 0.37% of Synovus Financial Corp. worth $13,146,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of SNV. Signature Estate & Investment Advisors LLC bought a new stake in Synovus Financial Corp. during the second quarter valued at $151,000. Parametrica Management Ltd bought a new stake in Synovus Financial Corp. during the second quarter valued at $200,000. LS Investment Advisors LLC increased its stake in Synovus Financial Corp. by 71.7% in the second quarter. LS Investment Advisors LLC now owns 7,544 shares of the company’s stock valued at $219,000 after buying an additional 3,151 shares during the period. Capital Fund Management S.A. bought a new stake in Synovus Financial Corp. during the second quarter valued at $275,000. Finally, Calvert Investment Management Inc. increased its stake in Synovus Financial Corp. by 10.3% in the second quarter. Calvert Investment Management Inc. now owns 10,026 shares of the company’s stock valued at $291,000 after buying an additional 935 shares during the period. Hedge funds and other institutional investors own 76.83% of the company’s stock.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at 33.21 on Monday. The stock has a market capitalization of $4.08 billion, a PE ratio of 19.65 and a beta of 1.72. The stock’s 50 day moving average is $32.61 and its 200 day moving average is $30.87. Synovus Financial Corp. has a 52-week low of $25.48 and a 52-week high of $33.80.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.47 by $0.02. Synovus Financial Corp. had a net margin of 18.39% and a return on equity of 8.42%. The firm earned $289.30 million during the quarter, compared to analyst estimates of $288.06 million. During the same quarter in the prior year, the business posted $0.40 earnings per share. Equities research analysts expect that Synovus Financial Corp. will post $1.86 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Tuesday, September 13th. Synovus Financial Corp.’s dividend payout ratio (DPR) is 28.24%.
SNV has been the subject of several research reports. Zacks Investment Research upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a report on Friday, June 24th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Synovus Financial Corp. in a research report on Saturday, July 9th. Bank of America Corp. cut shares of Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 29th. Credit Agricole SA raised shares of Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and raised their price target for the company from $30.00 to $33.00 in a research report on Friday, September 23rd. Finally, Hovde Group raised their price target on shares of Synovus Financial Corp. from $34.00 to $35.50 and gave the company an “outperform” rating in a research report on Friday, August 19th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $31.44.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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