Principal Financial Group Inc. reduced its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 31.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 about 0.24% of Synovus Financial worth $14,826,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in SNV. Oddo BHF Asset Management Sas purchased a new position in Synovus Financial in the 3rd quarter valued at about $753,000. Franklin Resources Inc. grew its holdings in shares of Synovus Financial by 4.0% during the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank's stock worth $1,069,000 after buying an additional 885 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Synovus Financial in the third quarter valued at approximately $217,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Synovus Financial by 6.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank's stock valued at $5,353,000 after buying an additional 7,449 shares during the period. Finally, Coldstream Capital Management Inc. acquired a new stake in Synovus Financial during the third quarter worth approximately $220,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the company. UBS Group began coverage on Synovus Financial in a report on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price target for the company. JPMorgan Chase & Co. increased their target price on Synovus Financial from $52.00 to $59.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. Barclays lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, November 8th. DA Davidson increased their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Finally, Stephens raised their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an "equal weight" rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.78.
Read Our Latest Analysis on Synovus Financial
Synovus Financial Stock Down 1.4 %
NYSE:SNV traded down $0.72 during trading hours on Friday, hitting $51.19. The stock had a trading volume of 533,177 shares, compared to its average volume of 1,392,110. The company has a market cap of $7.25 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. The business has a 50 day simple moving average of $53.76 and a two-hundred day simple moving average of $46.83. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. 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 (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share 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 period last year, the business earned $0.84 EPS. The business's revenue was up 2.6% on a year-over-year basis. Analysts predict that Synovus Financial Corp. will post 4.37 EPS for the current year.
Synovus Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Thursday, December 19th. Synovus Financial's dividend payout ratio (DPR) is 68.78%.
About Synovus Financial
(
Free Report)
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.
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