Principal Financial Group Inc. lifted its position in Synovus Financial Corp. (NYSE:SNV) by 1.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 517,118 shares of the bank’s stock after purchasing an additional 6,192 shares during the period. Principal Financial Group Inc.’s holdings in Synovus Financial were worth $22,691,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently modified their holdings of SNV. Envestnet Asset Management Inc. raised its stake in Synovus Financial by 222.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 38,053 shares of the bank’s stock valued at $1,741,000 after purchasing an additional 26,256 shares during the last quarter. Rhumbline Advisers raised its stake in Synovus Financial by 0.8% during the 1st quarter. Rhumbline Advisers now owns 406,464 shares of the bank’s stock valued at $18,596,000 after purchasing an additional 3,262 shares during the last quarter. Arizona State Retirement System raised its stake in Synovus Financial by 0.7% during the 1st quarter. Arizona State Retirement System now owns 43,027 shares of the bank’s stock valued at $1,968,000 after purchasing an additional 306 shares during the last quarter. Fifth Third Bancorp raised its stake in Synovus Financial by 301.9% during the 1st quarter. Fifth Third Bancorp now owns 2,323 shares of the bank’s stock valued at $106,000 after purchasing an additional 1,745 shares during the last quarter. Finally, Swiss National Bank raised its stake in Synovus Financial by 1.4% during the 1st quarter. Swiss National Bank now owns 337,719 shares of the bank’s stock valued at $15,451,000 after purchasing an additional 4,700 shares during the last quarter. Institutional investors and hedge funds own 76.40% of the company’s stock.
Shares of NYSE SNV opened at $42.83 on Friday. The firm’s 50-day simple moving average is $41.87 and its 200 day simple moving average is $44.93. The company has a market cap of $6.27 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 1.12 and a beta of 1.62. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.26. Synovus Financial Corp. has a 12-month low of $19.39 and a 12-month high of $50.51.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Thursday, September 16th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, September 15th. This represents a $1.32 dividend on an annualized basis and a yield of 3.08%. Synovus Financial’s payout ratio is presently 54.77%.
In other Synovus Financial news, EVP Mark G. Holladay sold 1,500 shares of the company’s stock in a transaction dated Friday, July 2nd. The shares were sold at an average price of $44.28, for a total transaction of $66,420.00. Following the transaction, the executive vice president now directly owns 61,787 shares in the company, valued at approximately $2,735,928.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.11% of the company’s stock.
SNV has been the topic of several analyst reports. Zacks Investment Research lowered shares of Synovus Financial from a “strong-buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a report on Monday, June 7th. Piper Sandler boosted their price target on shares of Synovus Financial from $54.50 to $59.00 and gave the company an “overweight” rating in a report on Thursday, June 3rd. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $45.15.
About Synovus Financial
Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.
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