Synovus Financial Corp. (SNV) To Go Ex-Dividend on September 19th

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Tuesday, September 3rd, NASDAQ reports. Shareholders of record on Thursday, September 19th will be given a dividend of 0.38 per share by the bank on Tuesday, October 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Thursday, September 19th.

Synovus Financial has raised its dividend payment by an average of 4.8% annually over the last three years. Synovus Financial has a payout ratio of 33.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Synovus Financial to earn $4.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 32.5%.

Synovus Financial Stock Performance

SNV opened at $44.79 on Tuesday. The firm has a market cap of $6.45 billion, a P/E ratio of 15.34, a PEG ratio of 3.41 and a beta of 1.39. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $47.83. The company has a 50 day simple moving average of $44.01 and a two-hundred day simple moving average of $40.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. During the same period in the prior year, the business posted $1.16 earnings per share. The company’s revenue was down .7% on a year-over-year basis. Equities analysts forecast that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SNV shares. Keefe, Bruyette & Woods upped their target price on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 9th. Morgan Stanley upped their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Wells Fargo & Company upped their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, Royal Bank of Canada upped their price target on shares of Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.44.

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.