Synovus Financial (NYSE:SNV) Announces Earnings Results

Synovus Financial (NYSE:SNV) released its earnings results on Wednesday. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20), Briefing.com reports. Synovus Financial had a net margin of 13.29% and a return on equity of 13.08%. The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. During the same period last year, the business posted $1.33 EPS. Synovus Financial’s revenue was down 12.4% compared to the same quarter last year.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded up $0.55 during trading on Friday, hitting $34.45. The stock had a trading volume of 880,817 shares, compared to its average volume of 1,486,262. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $5.04 billion, a P/E ratio of 11.76, a PEG ratio of 3.93 and a beta of 1.40. The business has a fifty day moving average of $37.93 and a two-hundred day moving average of $34.46. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92.

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 given a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.41%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently modified their holdings of the stock. American Trust raised its position in shares of Synovus Financial by 2.9% during the fourth quarter. American Trust now owns 9,208 shares of the bank’s stock worth $346,000 after purchasing an additional 258 shares during the period. Lazard Asset Management LLC raised its position in shares of Synovus Financial by 64.8% during the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after purchasing an additional 318 shares during the period. Mariner LLC raised its position in shares of Synovus Financial by 3.4% during the third quarter. Mariner LLC now owns 12,349 shares of the bank’s stock worth $343,000 after purchasing an additional 407 shares during the period. Covestor Ltd raised its position in shares of Synovus Financial by 76.7% during the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after purchasing an additional 472 shares during the period. Finally, First Citizens Bank & Trust Co. raised its position in shares of Synovus Financial by 2.9% during the second quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank’s stock worth $530,000 after purchasing an additional 500 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SNV shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research note on Friday. Evercore ISI boosted their price target on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. Bank of America reduced their price target on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday. UBS Group boosted their price target on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. Finally, The Goldman Sachs Group reduced their price target on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $41.19.

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.