Synovus Financial (NYSE:SNV) Announces Earnings Results, Misses Estimates By $0.20 EPS

Synovus Financial (NYSE:SNV) announced its quarterly earnings data on Thursday. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates 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 12.93% and a net margin of 13.29%. The company’s revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.33 EPS.

Synovus Financial Trading Up 3.0 %

Shares of SNV opened at $34.91 on Friday. The company has a market capitalization of $5.11 billion, a P/E ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40. Synovus Financial has a one year low of $24.40 and a one year high of $40.92. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50-day moving average price of $37.91 and a 200 day moving average price of $34.52.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Wall Street Analyst Weigh In

SNV has been the topic of a number of research analyst reports. Barclays decreased their target price on Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday. The Goldman Sachs Group reduced their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research report on Friday. Finally, Evercore ISI increased their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus target price of $41.53.

Insider Activity at Synovus Financial

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SNV. Raymond James Financial Services Advisors Inc. lifted its holdings in Synovus Financial by 10.4% during 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 last quarter. Private Advisor Group LLC bought a new position in Synovus Financial during the 1st quarter worth approximately $419,000. PNC Financial Services Group Inc. lifted its holdings in Synovus Financial by 10.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock worth $561,000 after buying an additional 1,109 shares during the last quarter. Great West Life Assurance Co. Can lifted 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 worth $4,147,000 after purchasing an additional 7,682 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Synovus Financial in the 1st quarter worth approximately $74,000. Institutional investors own 83.85% of the company’s stock.

About Synovus Financial

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.