Synovus Financial (NYSE:SNV) Issues Quarterly Earnings Results

Synovus Financial (NYSE:SNV) announced its quarterly earnings data on Wednesday. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20), Briefing.com reports. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same period last year, the business earned $1.33 earnings per share. The company’s quarterly revenue was down 12.4% compared to the same quarter last year.

Synovus Financial Trading Up 3.0 %

NYSE SNV traded up $1.01 during trading on Friday, hitting $34.91. The stock had a trading volume of 2,607,236 shares, compared to its average volume of 1,341,278. Synovus Financial has a one year low of $24.40 and a one year high of $40.92. The stock has a 50 day simple moving average of $37.91 and a 200 day simple moving average of $34.52. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SNV shares. StockNews.com cut shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. Raymond James cut Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday. 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 note on Friday. UBS Group upped their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Finally, Piper Sandler cut their target price on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $41.53.

Insider Activity

In related news, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $180,394.02. Following the completion of the transaction, 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. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Hedge funds have recently made changes to their positions in the company. American Trust raised its holdings in shares of Synovus Financial by 2.9% in the fourth quarter. American Trust now owns 9,208 shares of the bank’s stock valued at $346,000 after acquiring an additional 258 shares in the last quarter. Lazard Asset Management LLC raised 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 valued at $30,000 after purchasing an additional 318 shares in the last quarter. Mariner LLC lifted its position in shares of Synovus Financial by 3.4% in the 3rd quarter. Mariner LLC now owns 12,349 shares of the bank’s stock worth $343,000 after purchasing an additional 407 shares during the period. Covestor Ltd boosted its stake in shares of Synovus Financial by 76.7% during the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after purchasing an additional 472 shares in the last quarter. Finally, First Citizens Bank & Trust Co. boosted its stake in shares of Synovus Financial by 2.9% during the second quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank’s stock valued at $530,000 after purchasing an additional 500 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other 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.