Principal Financial Group Inc. Purchases 3,512 Shares of Synovus Financial Corp. (NYSE:SNV)

Principal Financial Group Inc. grew its stake in Synovus Financial Corp. (NYSE:SNV) by 0.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 519,479 shares of the bank’s stock after acquiring an additional 3,512 shares during the quarter. Principal Financial Group Inc. owned 0.43% of Synovus Financial worth $23,927,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Capstone Asset Management Co. boosted its position in Synovus Financial by 1.1% during the 2nd quarter. Capstone Asset Management Co. now owns 9,040 shares of the bank’s stock worth $400,000 after acquiring an additional 100 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Synovus Financial by 4.3% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 44,953 shares of the bank’s stock valued at $1,989,000 after buying an additional 1,863 shares during the last quarter. LS Investment Advisors LLC boosted its holdings in shares of Synovus Financial by 18.6% in the 2nd quarter. LS Investment Advisors LLC now owns 9,757 shares of the bank’s stock valued at $432,000 after buying an additional 1,531 shares during the last quarter. Aperio Group LLC boosted its holdings in shares of Synovus Financial by 9.8% in the 2nd quarter. Aperio Group LLC now owns 42,478 shares of the bank’s stock valued at $1,879,000 after buying an additional 3,782 shares during the last quarter. Finally, State Treasurer State of Michigan boosted its holdings in shares of Synovus Financial by 1.4% in the 2nd quarter. State Treasurer State of Michigan now owns 50,405 shares of the bank’s stock valued at $2,230,000 after buying an additional 700 shares during the last quarter. Institutional investors and hedge funds own 77.83% of the company’s stock.

Shares of Synovus Financial Corp. (NYSE:SNV) traded up $0.09 on Thursday, hitting $48.98. The stock had a trading volume of 1,011,495 shares, compared to its average volume of 743,843. Synovus Financial Corp. has a 52 week low of $37.95 and a 52 week high of $51.09. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $5,882.52, a P/E ratio of 20.86, a price-to-earnings-growth ratio of 2.51 and a beta of 1.13.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.01. The company had revenue of $398.01 million during the quarter, compared to the consensus estimate of $331.27 million. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. During the same period last year, the company earned $0.65 earnings per share. research analysts predict that Synovus Financial Corp. will post 2.45 EPS for the current fiscal year.

In related news, EVP R Dallis Copeland, Jr. sold 10,000 shares of Synovus Financial stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $46.29, for a total transaction of $462,900.00. Following the transaction, the executive vice president now owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Allen J. Gula sold 2,125 shares of Synovus Financial stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $47.11, for a total value of $100,108.75. Following the transaction, the chief operating officer now directly owns 72,561 shares in the company, valued at approximately $3,418,348.71. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

A number of equities research analysts recently weighed in on SNV shares. Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Tuesday, September 19th. SunTrust Banks restated a “buy” rating and issued a $51.00 price target on shares of Synovus Financial in a research report on Thursday, October 12th. Stephens set a $46.00 price target on Synovus Financial and gave the stock a “buy” rating in a research report on Tuesday, August 15th. Robert W. Baird restated a “hold” rating and issued a $43.00 price target on shares of Synovus Financial in a research report on Friday, October 20th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $48.00 price target on shares of Synovus Financial in a research report on Thursday, October 19th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $45.64.

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Synovus Financial Profile

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

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

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