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

Synovus Financial (NYSE:SNV) announced its quarterly earnings results on Thursday. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20), Briefing.com reports. The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company’s quarterly 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 Stock Performance

Synovus Financial stock opened at $34.91 on Friday. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The firm 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. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a fifty day moving average price of $37.91 and a two-hundred day moving average price of $34.52.

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. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.35%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Analyst Upgrades and Downgrades

SNV has been the subject of a number of recent analyst reports. The Goldman Sachs Group decreased their target price on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday. Evercore ISI upped 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. Morgan Stanley upped their target price on Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Truist Financial upped their target price on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Finally, DA Davidson reduced their price objective on Synovus Financial from $45.00 to $43.00 and set a “buy” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $41.53.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s 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 transaction, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The shares were 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 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 corporate insiders.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds have recently added to or reduced their stakes in SNV. International Assets Investment Management LLC bought a new position in Synovus Financial in the fourth quarter valued at about $28,000. Lazard Asset Management LLC bought a new position in Synovus Financial in the second quarter valued at about $30,000. Belpointe Asset Management LLC boosted its holdings in Synovus Financial by 138.0% in the first quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock valued at $34,000 after acquiring an additional 635 shares during the last quarter. Neo Ivy Capital Management bought a new position in Synovus Financial in the second quarter valued at about $48,000. Finally, Covestor Ltd boosted its holdings in Synovus Financial by 76.7% in the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after acquiring an additional 472 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

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.