Synovus Financial (NYSE:SNV) Announces Quarterly Earnings Results

Synovus Financial (NYSE:SNV) issued its earnings results on Wednesday. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20), Briefing.com reports. The business had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. The firm’s revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.33 EPS.

Synovus Financial Price Performance

Synovus Financial stock opened at $36.60 on Thursday. The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 3.93 and a beta of 1.40. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The stock’s 50 day moving average price is $37.96 and its two-hundred day moving average price is $34.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is 43.93%.

Analyst Ratings Changes

Several brokerages have commented on SNV. Truist Financial boosted their target price on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Barclays initiated coverage on Synovus Financial in a research note on Friday, March 8th. They set an “equal weight” rating and a $42.00 target price for the company. DA Davidson reaffirmed a “buy” rating on shares of Synovus Financial in a research note on Monday, January 15th. Jefferies Financial Group lowered their price objective on Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. upped their price objective on Synovus Financial from $46.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus price target of $41.50.

Insiders Place Their Bets

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Large investors have recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in shares of Synovus Financial in the 4th quarter worth $28,000. Lazard Asset Management LLC lifted its holdings in shares of Synovus Financial by 64.8% in the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after purchasing an additional 318 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Synovus Financial by 76.7% in the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after purchasing an additional 472 shares in the last quarter. Belpointe Asset Management LLC lifted its holdings in shares of Synovus Financial by 138.0% in the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock worth $34,000 after purchasing an additional 635 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Synovus Financial in the 2nd quarter worth $48,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Company Profile

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.