Principal Financial Group Inc. Raises Position in Synovus Financial Corp. (SNV)

Principal Financial Group Inc. increased its position in Synovus Financial Corp. (NYSE:SNV) by 2.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 515,967 shares of the bank’s stock after buying an additional 14,079 shares during the quarter. Principal Financial Group Inc. owned about 0.42% of Synovus Financial Corp. worth $22,827,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Balentine LLC raised its position in Synovus Financial Corp. by 0.3% in the first quarter. Balentine LLC now owns 3,108 shares of the bank’s stock valued at $128,000 after purchasing an additional 9 shares during the period. Meeder Asset Management Inc. purchased a new position in Synovus Financial Corp. in the first quarter valued at about $135,000. PNC Financial Services Group Inc. raised its position in Synovus Financial Corp. by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock valued at $145,000 after purchasing an additional 622 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Synovus Financial Corp. by 11.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock valued at $204,000 after purchasing an additional 474 shares during the period. Finally, Neuburgh Advisers LLC raised its position in Synovus Financial Corp. by 14.0% in the first quarter. Neuburgh Advisers LLC now owns 4,704 shares of the bank’s stock valued at $193,000 after purchasing an additional 576 shares during the period. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Corp. (SNV) opened at 43.15 on Wednesday. The firm has a market capitalization of $5.24 billion, a P/E ratio of 19.60 and a beta of 1.12. The company has a 50-day moving average price of $42.58 and a 200-day moving average price of $42.33. Synovus Financial Corp. has a 1-year low of $31.41 and a 1-year high of $45.38.

Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. The business had revenue of $319.80 million during the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 earnings per share. On average, equities research analysts predict that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Thursday, September 21st will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend is Wednesday, September 20th. Synovus Financial Corp.’s dividend payout ratio is currently 27.15%.

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In other news, EVP Kevin Joseph Howard sold 7,000 shares of the company’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $43.37, for a total transaction of $303,590.00. Following the completion of the transaction, the executive vice president now owns 46,490 shares of the company’s stock, valued at $2,016,271.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Curtis J. Perry sold 7,062 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $43.86, for a total transaction of $309,739.32. Following the transaction, the executive vice president now directly owns 60,038 shares of the company’s stock, valued at approximately $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

Several research analysts have commented on SNV shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $43.00 price objective on shares of Synovus Financial Corp. in a research report on Friday, May 19th. Jefferies Group LLC reissued a “hold” rating and issued a $47.00 price objective on shares of Synovus Financial Corp. in a research report on Sunday, June 11th. ValuEngine raised Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Barclays PLC reaffirmed an “equal weight” rating and set a $46.00 target price (up from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Finally, Zacks Investment Research lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $42.30.

Synovus Financial Corp. Company Profile

Synovus Financial Corp. is a financial services company 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 locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

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Institutional Ownership by Quarter for Synovus Financial Corp. (NYSE:SNV)

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