Synovus Financial (NYSE:SNV) Releases Quarterly Earnings Results, Beats Expectations By $0.19 EPS

Synovus Financial (NYSE:SNV) posted its quarterly earnings results on Wednesday. The bank reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.19, Zacks reports. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%.

Synovus Financial Stock Down 1.2 %

Shares of SNV traded down $0.51 on Wednesday, reaching $40.45. The stock had a trading volume of 2,080,497 shares, compared to its average volume of 1,444,487. The firm has a market capitalization of $5.70 billion, a price-to-earnings ratio of 13.26, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. The company has a 50-day simple moving average of $47.55 and a 200-day simple moving average of $50.78. Synovus Financial has a 12-month low of $33.44 and a 12-month high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.86%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. Synovus Financial’s payout ratio is presently 51.15%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SNV shares. Raymond James downgraded Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Wells Fargo & Company lowered their price objective on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Morgan Stanley cut their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. UBS Group began coverage on Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective on the stock. Finally, Stephens reaffirmed an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.17.

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.