Synovus Financial (NYSE:SNV) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Synovus Financial (NYSE:SNV) posted its quarterly earnings results on Wednesday. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09, Zacks reports. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%.

Synovus Financial Trading Up 4.2 %

NYSE:SNV traded up $2.27 during mid-day trading on Wednesday, hitting $55.94. 2,138,681 shares of the stock traded hands, compared to its average volume of 1,306,353. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92. The stock has a market capitalization of $7.92 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 1.58 and a beta of 1.39. The firm’s 50 day moving average is $54.36 and its two-hundred day moving average is $48.11.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.72%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. DA Davidson boosted their target price on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. Piper Sandler increased their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. UBS Group started coverage on Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price on the stock. Finally, Wells Fargo & Company boosted their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

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.