Synovus Financial (NYSE:SNV) Announces Quarterly Earnings Results

Synovus Financial (NYSE:SNV) released its earnings results on Wednesday. The bank reported $1.23 earnings per share for the quarter, beating 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 the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.84 EPS. Synovus Financial updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Synovus Financial Stock Performance

Shares of Synovus Financial stock traded up $2.51 on Thursday, reaching $50.88. 144,766 shares of the stock were exchanged, compared to its average volume of 1,384,929. The firm has a market capitalization of $7.33 billion, a PE ratio of 31.55, a PEG ratio of 2.18 and a beta of 1.38. The business has a fifty day moving average price of $44.12 and a two-hundred day moving average price of $41.14. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $51.68. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.99%. Synovus Financial’s dividend payout ratio (DPR) is 93.25%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on SNV. Barclays boosted their price objective on Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Keefe, Bruyette & Woods upped their price target on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Morgan Stanley upped their price target on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Stephens upped their price target on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. Finally, Royal Bank of Canada upped their price target on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $47.94.

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.