Principal Financial Group Inc. Has $14.83 Million Position in Synovus Financial Corp. (NYSE:SNV)

Principal Financial Group Inc. trimmed its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 31.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 333,399 shares of the bank's stock after selling 154,220 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Synovus Financial worth $14,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. State Board of Administration of Florida Retirement System boosted its stake in shares of Synovus Financial by 7.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 147,987 shares of the bank's stock valued at $5,928,000 after buying an additional 9,846 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in Synovus Financial by 92.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank's stock valued at $1,852,000 after purchasing an additional 22,621 shares during the last quarter. Bessemer Group Inc. grew its stake in Synovus Financial by 7.3% in the first quarter. Bessemer Group Inc. now owns 244,814 shares of the bank's stock valued at $9,806,000 after purchasing an additional 16,640 shares in the last quarter. Pitcairn Co. increased its position in Synovus Financial by 2.3% in the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank's stock worth $462,000 after purchasing an additional 261 shares during the last quarter. Finally, Burns Matteson Capital Management LLC purchased a new stake in shares of Synovus Financial during the 1st quarter worth about $390,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

NYSE:SNV traded up $0.05 during trading hours on Friday, hitting $55.72. 1,035,733 shares of the company traded hands, compared to its average volume of 1,503,546. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a twelve month low of $29.34 and a twelve month high of $59.79. The firm has a 50-day moving average of $47.83 and a 200 day moving average of $43.44. The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 25.21, a P/E/G ratio of 2.01 and a beta of 1.37.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business 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 earned $0.84 earnings per share. The firm's revenue for the quarter was up 2.6% on a year-over-year basis. On average, analysts forecast that Synovus Financial Corp. will post 4.36 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. 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 presently 68.78%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Evercore ISI increased their price objective on Synovus Financial from $48.00 to $54.00 and gave the stock an "in-line" rating in a report on Wednesday, October 30th. Citigroup set a $59.00 price target on shares of Synovus Financial in a research note on Friday, October 18th. JPMorgan Chase & Co. lifted their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the company an "overweight" rating in a research note on Friday, October 18th. StockNews.com upgraded shares of Synovus Financial from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Finally, Bank of America raised their target price on Synovus Financial from $48.00 to $57.00 and gave the company a "buy" rating in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $52.71.

Synovus Financial Company 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.