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

Synovus Financial (NYSE:SNV) released its quarterly earnings results on Thursday. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20), Briefing.com reports. The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate 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 for the quarter was down 12.4% compared to the same quarter last year. During the same quarter last 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 12-month low of $24.40 and a 12-month high of $40.92. The business has a 50-day simple moving average of $37.91 and a two-hundred day simple moving average of $34.52. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The stock has a market cap of $5.11 billion, a PE ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders 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 yield of 4.35%. Synovus Financial’s payout ratio is presently 52.05%.

Analysts Set New Price Targets

Several research firms recently issued reports on SNV. Piper Sandler reduced their price target on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday. Morgan Stanley upped their target price on Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. Finally, JPMorgan Chase & Co. cut their target price on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.53.

Insiders Place Their Bets

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction dated 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 of the company’s stock, valued at $423,817.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC purchased a new stake in Synovus Financial in the fourth quarter worth $28,000. Lazard Asset Management LLC bought a new position in shares of Synovus Financial in the second quarter worth $30,000. Belpointe Asset Management LLC boosted its holdings in shares of Synovus Financial by 138.0% in the first quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock worth $34,000 after acquiring an additional 635 shares during the period. Neo Ivy Capital Management bought a new position in shares of Synovus Financial in the second quarter worth $48,000. Finally, Covestor Ltd boosted its holdings in shares of Synovus Financial by 76.7% in the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after acquiring an additional 472 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.