Synovus Financial (NYSE:SNV) Issues Quarterly Earnings Results

Synovus Financial (NYSE:SNV) posted its quarterly earnings data on Wednesday. The bank reported $1.23 EPS for the quarter, beating the consensus estimate of $1.09 by $0.14, Briefing.com reports. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.84 EPS. Synovus Financial updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Synovus Financial Trading Up 0.1 %

Shares of SNV stock traded up $0.05 during mid-day trading on Friday, hitting $50.90. 875,838 shares of the company’s stock were exchanged, compared to its average volume of 1,402,378. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $51.69. The stock has a 50-day simple moving average of $44.31 and a two-hundred day simple moving average of $41.21. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The stock has a market cap of $7.45 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 2.18 and a beta of 1.38.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

SNV has been the subject of a number of analyst reports. Piper Sandler increased their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Barclays increased their target price on Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday. Jefferies Financial Group upped their price target on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Royal Bank of Canada upped their price target on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Bank of America upped their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $51.00.

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.