Synovus Financial (NYSE:SNV) Announces Earnings Results

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

Synovus Financial Trading Up 3.0 %

SNV stock opened at $34.91 on Friday. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The firm has a market cap 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 business’s 50 day moving average is $37.91 and its 200-day moving average is $34.52. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Wells Fargo & Company decreased their price target on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday. Truist Financial upped their price target on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Piper Sandler decreased their price target on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday. Finally, Bank of America decreased their price target on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday. One investment 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $41.53.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of the company’s 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 sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, 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 transaction of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The transaction was disclosed in a filing with the SEC, which can be accessed 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 sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. American Trust lifted its stake in shares of Synovus Financial by 2.9% in the 4th quarter. American Trust now owns 9,208 shares of the bank’s stock valued at $346,000 after purchasing an additional 258 shares during the period. Lazard Asset Management LLC lifted its stake 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 during the period. Mariner LLC lifted its stake in shares of Synovus Financial by 3.4% in the 3rd quarter. Mariner LLC now owns 12,349 shares of the bank’s stock valued at $343,000 after purchasing an additional 407 shares during the period. Covestor Ltd lifted its stake in shares of Synovus Financial by 76.7% in the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after purchasing an additional 472 shares during the period. Finally, First Citizens Bank & Trust Co. lifted its stake in shares of Synovus Financial by 2.9% in the 2nd 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 during the period. Institutional investors and hedge funds 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.