Synovus Financial Corp. Expected to Earn Q2 2024 Earnings of $0.95 Per Share (NYSE:SNV)

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for shares of Synovus Financial in a research note issued to investors on Monday, April 22nd. DA Davidson analyst G. Tenner expects that the bank will post earnings per share of $0.95 for the quarter. DA Davidson currently has a “Buy” rating and a $43.00 price target on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $3.79 per share. DA Davidson also issued estimates for Synovus Financial’s FY2024 earnings at $3.88 EPS.

A number of other equities analysts also recently commented on the company. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. Raymond James cut Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, April 18th. Truist Financial cut their price target on Synovus Financial from $45.00 to $39.00 and set a “buy” rating for the company in a research note on Monday. Piper Sandler cut their price objective on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Friday, April 19th. Finally, Jefferies Financial Group dropped their price target on Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Hold” and a consensus price target of $41.38.

Synovus Financial Stock Performance

Shares of Synovus Financial stock opened at $36.82 on Tuesday. Synovus Financial has a one year low of $24.40 and a one year high of $40.92. The company has a market cap of $5.39 billion, a PE ratio of 12.61, a P/E/G ratio of 4.09 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The business has a 50-day simple moving average of $37.92 and a 200-day simple moving average of $34.78.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business’s revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.33 earnings per share.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

Institutional Trading of Synovus Financial

Hedge funds have recently added to or reduced their stakes in the business. Phocas Financial Corp. acquired a new position in shares of Synovus Financial in the 4th quarter valued at about $7,115,000. American Century Companies Inc. boosted its position in Synovus Financial by 46.0% during the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after purchasing an additional 301,604 shares during the period. Prudential PLC acquired a new position in Synovus Financial during the 3rd quarter valued at approximately $1,025,000. rhino investment partners Inc acquired a new position in Synovus Financial during the 3rd quarter worth $5,984,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Synovus Financial by 228.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,828 shares of the bank’s stock worth $1,951,000 after acquiring an additional 36,047 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

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.