Synovus Financial (NYSE:SNV) Announces Quarterly Earnings Results

Synovus Financial (NYSE:SNV) released its quarterly earnings data on Thursday. 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. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year.

Synovus Financial Stock Up 3.0 %

Synovus Financial stock opened at $34.91 on Friday. The company has a 50-day simple moving average of $37.91 and a 200-day simple moving average of $34.52. 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 quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial has a one year low of $24.40 and a one year high of $40.92.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a dividend of $0.38 per share. 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%.

Insider Transactions at Synovus Financial

In other news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were 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 $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Synovus Financial news, 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 transaction of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following 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.

Hedge Funds Weigh In On Synovus Financial

Large investors have recently bought and sold shares of the stock. International Assets Investment Management LLC acquired a new position in Synovus Financial during the 4th quarter valued at about $28,000. Lazard Asset Management LLC grew 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 worth $30,000 after purchasing an additional 318 shares during the last quarter. Covestor Ltd grew 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 worth $53,000 after purchasing an additional 472 shares during the last quarter. Belpointe Asset Management LLC grew its stake in shares of Synovus Financial by 138.0% in the 1st 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 last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Synovus Financial in the 2nd quarter worth approximately $48,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SNV shares. Bank of America decreased their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday. StockNews.com cut shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. Jefferies Financial Group reduced their target price on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Truist Financial boosted their target price on shares of Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Finally, Morgan Stanley boosted their target price on shares of Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus 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.