Principal Financial Group Inc. Decreases Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Principal Financial Group Inc. decreased its holdings in shares of Synovus Financial Corp. (NYSE:SNVFree Report) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 539,067 shares of the bank’s stock after selling 9,481 shares during the quarter. Principal Financial Group Inc.’s holdings in Synovus Financial were worth $14,986,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SNV. Raymond James Financial Services Advisors Inc. increased its stake in Synovus Financial by 10.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock worth $729,000 after buying an additional 1,401 shares during the period. Private Advisor Group LLC bought a new stake in shares of Synovus Financial in the 1st quarter valued at about $419,000. PNC Financial Services Group Inc. boosted its holdings in shares of Synovus Financial by 10.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock valued at $561,000 after buying an additional 1,109 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Synovus Financial by 10.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock valued at $4,147,000 after buying an additional 7,682 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Synovus Financial in the 1st quarter valued at about $74,000. Hedge funds and other institutional investors own 79.92% of the company’s stock.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the transaction, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Insiders sold a total of 26,017 shares of company stock valued at $934,302 in the last three months. 1.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Synovus Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Evercore ISI reiterated an “inline” rating and issued a $40.00 target price on shares of Synovus Financial in a research note on Wednesday, January 3rd. Jefferies Financial Group lowered their target price on shares of Synovus Financial from $37.00 to $31.00 in a research note on Tuesday, October 10th. The Goldman Sachs Group lifted their target price on shares of Synovus Financial from $33.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, December 18th. Finally, UBS Group lifted their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.27.

Check Out Our Latest Stock Report on SNV

Synovus Financial Price Performance

NYSE:SNV opened at $39.39 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $5.76 billion, a price-to-earnings ratio of 11.38 and a beta of 1.42. The company has a 50 day moving average price of $36.09 and a 200-day moving average price of $31.93. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $44.44.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend was Wednesday, December 20th. Synovus Financial’s dividend payout ratio (DPR) is 43.93%.

Synovus Financial Profile

(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 loans.

See Also

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

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