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

Synovus Financial (NYSE:SNV) released its quarterly earnings data on Wednesday. The bank reported $0.79 earnings per share (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 12.93% and a net margin of 13.29%. The company’s revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.33 earnings per share.

Synovus Financial Stock Performance

Shares of SNV stock opened at $34.91 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The stock has a 50 day simple moving average of $37.91 and a 200-day simple moving average of $34.52. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92. The company has a market cap of $5.11 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 3.64 and a beta of 1.40.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Buying and Selling at Synovus Financial

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

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds have recently made changes to their positions in SNV. International Assets Investment Management LLC bought a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $28,000. Lazard Asset Management LLC acquired a new stake in Synovus Financial in the second quarter worth approximately $30,000. Belpointe Asset Management LLC lifted its position in Synovus Financial by 138.0% in the first quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock worth $34,000 after purchasing an additional 635 shares during the period. Neo Ivy Capital Management acquired a new stake in Synovus Financial in the second quarter worth approximately $48,000. Finally, Covestor Ltd lifted its position in Synovus Financial by 76.7% in the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after purchasing an additional 472 shares during the period. Institutional investors own 83.85% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on SNV shares. Barclays lowered their price objective on Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday. Evercore ISI upped their price objective 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. Jefferies Financial Group decreased their target price on Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, April 8th. JPMorgan Chase & Co. decreased their target price on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Morgan Stanley upped their target price on Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $41.53.

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.