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

Synovus Financial (NYSE:SNV) announced its quarterly earnings data on Thursday. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same period in the prior year, the firm posted $1.33 earnings per share. The business’s quarterly revenue was down 12.4% compared to the same quarter last year.

Synovus Financial Trading Up 3.0 %

NYSE SNV opened at $34.91 on Friday. The firm’s fifty day moving average is $37.91 and its two-hundred day moving average is $34.52. Synovus Financial has a one year low of $24.40 and a one year high of $40.92. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $5.11 billion, a PE ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40.

Synovus Financial Announces Dividend

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

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction on 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 approximately $1,280,021.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial 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 completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. American Trust increased its position in Synovus Financial by 2.9% during the 4th quarter. American Trust now owns 9,208 shares of the bank’s stock worth $346,000 after purchasing an additional 258 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Synovus Financial by 64.8% in the fourth 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 stake in 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 buying an additional 407 shares in the last quarter. 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 acquiring an additional 472 shares during the last quarter. Finally, First Citizens Bank & Trust Co. boosted its stake in shares of Synovus Financial by 2.9% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank’s stock worth $530,000 after purchasing an additional 500 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on SNV. DA Davidson decreased their price target on shares of Synovus Financial from $45.00 to $43.00 and set a “buy” rating for the company in a research note on Friday. Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday. Royal Bank of Canada cut their price target on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a research note on Friday. StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. Finally, JPMorgan Chase & Co. cut their target price on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $41.53.

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.