Synovus Financial (NYSE:SNV) Posts Earnings Results, Misses Expectations By $0.20 EPS

Synovus Financial (NYSE:SNV) posted its earnings results on Thursday. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20), Briefing.com reports. The business had revenue of $537.73 million for 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 company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 earnings per share.

Synovus Financial Price Performance

Shares of SNV opened at $34.91 on Friday. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92. The firm’s fifty day simple moving average is $37.91 and its 200-day simple moving average is $34.52. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.35%. Synovus Financial’s payout ratio is 52.05%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Jefferies Financial Group decreased their target price on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday. Barclays reduced their price target on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday. StockNews.com cut shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. Finally, Wells Fargo & Company dropped their price target on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $41.53.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction on Tuesday, January 23rd. The shares were 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 approximately $423,817.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the transaction, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the transaction, 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. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SNV. International Assets Investment Management LLC purchased a new position in Synovus Financial during the 4th quarter worth $28,000. Lazard Asset Management LLC grew its position in Synovus Financial by 64.8% during the 4th 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 last quarter. Covestor Ltd grew its position in Synovus Financial by 76.7% during the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after purchasing an additional 472 shares during the last quarter. Belpointe Asset Management LLC grew its position in Synovus Financial by 138.0% during the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock worth $34,000 after purchasing an additional 635 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new position in Synovus Financial during the 2nd quarter worth $48,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.