Synovus Financial Corp. (NYSE:SNV) Increases Dividend to $0.39 Per Share

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Monday, March 3rd, RTT News reports. Stockholders of record on Thursday, March 20th will be given a dividend of 0.39 per share by the bank on Tuesday, April 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Thursday, March 20th. This is a 2.6% increase from Synovus Financial’s previous quarterly dividend of $0.38.

Synovus Financial has increased its dividend payment by an average of 4.8% annually over the last three years. Synovus Financial has a dividend payout ratio of 28.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $5.45 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 28.6%.

Synovus Financial Stock Up 1.6 %

Shares of NYSE:SNV opened at $46.43 on Tuesday. Synovus Financial has a 52-week low of $33.44 and a 52-week high of $59.92. The stock has a market cap of $6.54 billion, a P/E ratio of 15.22, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The business’s 50 day moving average is $52.56 and its 200 day moving average is $50.95. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the prior year, the firm earned $0.80 earnings per share. Synovus Financial’s revenue was up 18.8% compared to the same quarter last year. Sell-side analysts predict that Synovus Financial will post 4.89 EPS for the current year.

Analysts Set New Price Targets

SNV has been the subject of a number of analyst reports. Citigroup upped their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Piper Sandler upped their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. The Goldman Sachs Group upped their target price on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Finally, Stephens restated an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.67.

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.