Synovus Financial Corp. (SNV) to Issue Quarterly Dividend of $0.39 on July 1st

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Tuesday, June 3rd, RTT News reports. Investors of record on Thursday, June 19th will be given a dividend of 0.39 per share by the bank on Tuesday, July 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Wednesday, June 18th.

Synovus Financial has raised its dividend by an average of 4.8% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Synovus Financial has a dividend payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Synovus Financial to earn $5.45 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 28.6%.

Synovus Financial Stock Performance

Synovus Financial stock opened at $47.62 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $6.62 billion, a P/E ratio of 15.61, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18. Synovus Financial has a 1-year low of $35.81 and a 1-year high of $59.92. The company’s 50-day moving average is $44.55 and its 200 day moving average is $49.88.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Research analysts forecast that Synovus Financial will post 4.89 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SNV. Royal Bank of Canada lowered their target price on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Raymond James cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. DA Davidson reduced their target price on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, April 21st. JPMorgan Chase & Co. lowered their price target on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Finally, Barclays reduced their price objective on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.56.

Institutional Investors Weigh In On Synovus Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its position in shares of Synovus Financial by 78.2% during the first quarter. Goldman Sachs Group Inc. now owns 523,479 shares of the bank’s stock worth $24,467,000 after purchasing an additional 229,730 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Synovus Financial by 51.2% in the 1st quarter. Royal Bank of Canada now owns 26,820 shares of the bank’s stock worth $1,254,000 after purchasing an additional 9,080 shares in the last quarter. Finally, Focus Partners Wealth grew its stake in Synovus Financial by 14.0% during the 1st quarter. Focus Partners Wealth now owns 17,616 shares of the bank’s stock worth $823,000 after buying an additional 2,169 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.