Principal Financial Group Inc. increased its stake in Synovus Financial Corp. (NYSE:SNV) by 2.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 520,721 shares of the bank’s stock after acquiring an additional 11,264 shares during the period. Principal Financial Group Inc. owned about 0.44% of Synovus Financial worth $26,005,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Calamos Advisors LLC bought a new stake in Synovus Financial in the fourth quarter worth $201,000. CIBC Asset Management Inc bought a new stake in Synovus Financial in the first quarter worth $201,000. Cigna Investments Inc. New bought a new stake in Synovus Financial in the first quarter worth $207,000. Csenge Advisory Group bought a new stake in Synovus Financial in the first quarter worth $209,000. Finally, Truewealth LLC bought a new stake in Synovus Financial in the fourth quarter worth $287,000. Institutional investors own 79.89% of the company’s stock.
Several research firms have weighed in on SNV. Piper Jaffray Companies began coverage on shares of Synovus Financial in a research note on Monday, April 9th. They issued a “neutral” rating and a $52.00 price target for the company. Barclays boosted their price target on shares of Synovus Financial from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 25th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $55.00 price target on shares of Synovus Financial in a research note on Tuesday, February 27th. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Thursday, April 5th. Finally, Morgan Stanley boosted their price target on shares of Synovus Financial from $53.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, April 27th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company’s stock. Synovus Financial has a consensus rating of “Hold” and a consensus target price of $53.40.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, April 24th. The bank reported $0.86 EPS for the quarter, beating the consensus estimate of $0.78 by $0.08. The firm had revenue of $341.30 million during the quarter, compared to the consensus estimate of $343.04 million. Synovus Financial had a net margin of 19.87% and a return on equity of 12.29%. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 earnings per share. equities analysts anticipate that Synovus Financial Corp. will post 3.58 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Thursday, June 21st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Wednesday, June 20th. Synovus Financial’s dividend payout ratio is currently 39.53%.
In related news, EVP Curtis J. Perry sold 2,000 shares of the business’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $54.36, for a total transaction of $108,720.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.50% of the stock is owned by insiders.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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