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

Synovus Financial (NYSE:SNV) released its earnings results on Wednesday. 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 company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the previous year, the business posted $1.33 EPS. The firm’s quarterly revenue was down 12.4% on a year-over-year basis.

Synovus Financial Stock Performance

NYSE SNV opened at $34.91 on Friday. The firm 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. The company has a 50 day moving average of $37.91 and a 200-day moving average of $34.52. 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 has a 1-year low of $24.40 and a 1-year high of $40.92.

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 dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.35%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

Wall Street Analysts Forecast Growth

SNV has been the subject of several research reports. The Goldman Sachs Group reduced their target price on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research note on Friday. Wells Fargo & Company reduced their target price 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. Royal Bank of Canada reduced their target price on shares of Synovus Financial from $44.00 to $41.00 and set an “outperform” rating for the company in a research note on Friday. JPMorgan Chase & Co. cut their price target on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Truist Financial raised their price target on shares of Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.53.

Insider Transactions at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now 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 SEC, which is accessible through the SEC website. In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now 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 SEC, which is accessible through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of SNV. Raymond James Financial Services Advisors Inc. boosted its stake in Synovus Financial by 10.4% in the first 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 last quarter. Private Advisor Group LLC bought a new position in Synovus Financial in the first quarter valued at approximately $419,000. PNC Financial Services Group Inc. boosted its position in shares of Synovus Financial by 10.8% during the first 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 boosted its position in shares of Synovus Financial by 10.3% during the first quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock worth $4,147,000 after purchasing an additional 7,682 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Synovus Financial during the first quarter worth $74,000. 83.85% of the stock is owned by 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.