Synovus Financial (NYSE:SNV) Posts Quarterly Earnings Results

Synovus Financial (NYSE:SNV) announced its quarterly earnings data on Wednesday. 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. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the prior year, the company earned $1.33 EPS. The company’s revenue for the quarter was down 12.4% on a year-over-year basis.

Synovus Financial Stock Performance

NYSE:SNV traded up $1.01 during mid-day trading on Friday, reaching $34.91. 2,607,236 shares of the company’s stock were exchanged, compared to its average volume of 1,341,278. Synovus Financial has a one year low of $24.40 and a one year high of $40.92. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The business’s fifty day simple moving average is $37.91 and its two-hundred day simple moving average is $34.52. The firm has a market capitalization of $5.11 billion, a PE ratio of 11.96, a price-to-earnings-growth ratio of 3.64 and a beta of 1.40.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 4.35%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Buying and Selling at Synovus Financial

In other 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 transaction of $180,394.02. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s 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 transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at $423,817.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC bought a new position in Synovus Financial in the fourth quarter valued at approximately $28,000. Lazard Asset Management LLC boosted its holdings in shares of Synovus Financial by 64.8% in the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares in the last quarter. Covestor Ltd increased its stake in shares of Synovus Financial by 76.7% in the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after purchasing an additional 472 shares during the last quarter. Belpointe Asset Management LLC raised its holdings in shares of 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 buying an additional 635 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Synovus Financial during the 2nd quarter worth $48,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday. Morgan Stanley raised their target price on shares of Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Bank of America reduced their price target on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday. DA Davidson dropped their price objective on Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday. Finally, 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $41.53.

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.