Synovus Financial (NYSE:SNV) Issues Quarterly Earnings Results

Synovus Financial (NYSE:SNV) released its quarterly earnings data 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 business had revenue of $564.72 million for the quarter, compared to analyst estimates 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 last year, the firm posted $0.84 earnings per share. 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 $3.05 on Thursday, reaching $51.42. 342,612 shares of the company traded hands, compared to its average volume of 1,384,929. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market capitalization of $7.40 billion, a PE ratio of 29.68, a PEG ratio of 2.18 and a beta of 1.38. The company has a 50 day moving average of $44.12 and a 200 day moving average of $41.14. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $51.68.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.96%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is 93.25%.

Insiders Place Their Bets

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

SNV has been the topic of several recent research reports. Jefferies Financial Group raised their price objective on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Piper Sandler lifted their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. reduced their price target on Synovus Financial from $55.00 to $52.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Finally, Morgan Stanley raised their price objective on Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and an average target price of $47.94.

Synovus Financial Company Profile

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.