Synovus Financial (NYSE:SNV) Releases Earnings Results, Beats Expectations By $0.14 EPS

Synovus Financial (NYSE:SNV) issued its quarterly earnings data on Wednesday. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14, Briefing.com reports. The company had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. Synovus Financial’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 earnings per share. Synovus Financial updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Synovus Financial Trading Down 0.1 %

Shares of SNV traded down $0.03 during mid-day trading on Friday, hitting $50.82. 788,954 shares of the company’s stock traded hands, compared to its average volume of 1,402,261. 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 firm has a market capitalization of $7.44 billion, a P/E ratio of 17.45, a PEG ratio of 2.18 and a beta of 1.38. The business’s 50-day moving average price is $44.31 and its 200-day moving average price is $41.21. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $51.69.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.99%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Buying and Selling

In other news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were 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 approximately $685,284.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.81% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SNV has been the subject of a number of research reports. Stephens boosted their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday. Bank of America increased their target price on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research note on Tuesday, September 17th. DA Davidson increased their price objective on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday. Finally, Morgan Stanley boosted their target price on Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus 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.