Synovus Financial (NYSE:SNV – Get Free Report) released its earnings results on Thursday. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20), Briefing.com reports. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period in the prior year, the business posted $1.33 earnings per share. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year.
Synovus Financial Stock Up 3.0 %
NYSE SNV opened at $34.91 on Friday. The company has a market cap of $5.11 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $37.91 and a 200-day moving average of $34.52.
Synovus Financial Announces Dividend
The firm also recently announced 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 of this dividend 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 presently 52.05%.
Insider Buying and Selling
Institutional Investors Weigh In On Synovus Financial
Hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. lifted its position in shares of Synovus Financial by 10.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock valued at $729,000 after acquiring an additional 1,401 shares during the period. Private Advisor Group LLC acquired a new position in shares of Synovus Financial during the first quarter valued at about $419,000. PNC Financial Services Group Inc. boosted its position in shares of Synovus Financial by 10.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock worth $561,000 after purchasing an additional 1,109 shares in the last quarter. Great West Life Assurance Co. Can increased its position in Synovus Financial by 10.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock valued at $4,147,000 after buying an additional 7,682 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in Synovus Financial during the 1st quarter worth approximately $74,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on SNV shares. Truist Financial lifted their price objective on shares of Synovus Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Jefferies Financial Group reduced their price target on Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a report on Monday, April 8th. JPMorgan Chase & Co. dropped their price objective on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Friday. Evercore ISI lifted their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Finally, Royal Bank of Canada dropped their price target on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $41.53.
Read Our Latest Research Report on Synovus Financial
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.
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