Synovus Financial (NYSE:SNV) Trading Up 5.2% Following Strong Earnings

Shares of Synovus Financial Corp. (NYSE:SNV) shot up 5.2% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $51.68 and last traded at $50.88. 144,766 shares changed hands during trading, a decline of 90% from the average session volume of 1,384,929 shares. The stock had previously closed at $48.37.

The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 EPS.

Synovus Financial Dividend Announcement

The firm also recently declared 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 93.25%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Stephens raised their target price on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. DA Davidson upped their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 19th. Evercore ISI cut their price target on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 2nd. Barclays raised their price objective on Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Finally, Citigroup assumed coverage on Synovus Financial in a report on Thursday, October 10th. They issued a “buy” rating and a $53.00 target price for the company. One research 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 data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average price target of $47.94.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the company’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 completion of the transaction, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Synovus Financial

Institutional investors have recently modified their holdings of the business. Nordea Investment Management AB lifted its holdings in Synovus Financial by 24.5% in the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after acquiring an additional 64,621 shares during the period. &PARTNERS purchased a new stake in Synovus Financial during the second quarter worth about $284,000. Texas Permanent School Fund Corp grew its position in Synovus Financial by 19.6% during the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after buying an additional 25,028 shares during the period. Private Capital Management LLC increased its holdings in Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after buying an additional 21,456 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Synovus Financial by 92.0% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after acquiring an additional 22,621 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

The firm has a market cap of $7.33 billion, a PE ratio of 31.55, a price-to-earnings-growth ratio of 2.18 and a beta of 1.38. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The company has a 50 day moving average price of $44.12 and a 200 day moving average price of $41.14.

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.