Synovus Financial Corp. (NYSE:SNV) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 2.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 324,929 shares of the bank's stock after selling 8,470 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Synovus Financial worth $16,646,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Keystone Financial Group Inc. purchased a new stake in Synovus Financial in the 4th quarter worth approximately $37,000. Quarry LP bought a new position in Synovus Financial in the 3rd quarter worth approximately $41,000. Brooklyn Investment Group bought a new position in Synovus Financial in the 3rd quarter worth approximately $56,000. V Square Quantitative Management LLC boosted its stake in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after purchasing an additional 466 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank's stock worth $65,000 after purchasing an additional 1,211 shares during the period. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Performance

NYSE SNV traded up $0.61 during trading hours on Friday, reaching $51.86. The stock had a trading volume of 1,281,976 shares, compared to its average volume of 1,242,692. The stock has a fifty day moving average of $53.68 and a 200 day moving average of $50.68. The stock has a market cap of $7.31 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.39. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

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Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the prior year, the firm posted $0.80 EPS. The business's quarterly revenue was up 18.8% compared to the same quarter last year. Sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.93%. The ex-dividend date was Thursday, December 19th. Synovus Financial's payout ratio is 49.84%.

Analyst Ratings Changes

Several research analysts have weighed in on SNV shares. JPMorgan Chase & Co. upped their price target on Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. The Goldman Sachs Group increased their target price on Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. Stephens reiterated an "equal weight" rating and set a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Wells Fargo & Company increased their target price on Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 3rd. Finally, Barclays increased their target price on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.44.

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.