On earnings, Synovus Financial Inc (NYSE: SNV) beat forecast by $0.06 per share.
Synovus Financial (NYSE: SNV) released its quarterly results on Thursday. According to Briefing.com, the bank’s earnings per share of $1.34 for the quarter were $0.06 higher than analyst consensus expectations of $1.28. In addition, Synovus Financial performed well with a net margin of 34.48% and a return on equity of 16.40%. At the same time last year, the company reported EPS of $1.20.
Additionally, the company recently declared and paid a quarterly dividend on Monday, October 3. As a result, shareholders who held record shares as of Thursday, September 15 received a dividend of $0.34 per share. The ex-dividend day for this payment is September 14, which is a Wednesday. This equates to a dividend of $1.36 with an annual yield of 3.64%. Synovus Financial’s current payout ratio is 28.39%.
Seventeen thousand seven hundred and seven shares of NYSE:SNV traded on Friday, up $0.01 at $37.37, from its average daily volume of 1,052,345. The company has a market value of $5.43 billion, a price/earnings ratio of 7.80, a PEG ratio of 2.04 and a beta of 1.36. The company’s debt ratio, quick ratio and current ratio are 0.45, 0.86 and 0.88 respectively. Synovus Financial’s 12-month low and 12-month high are $34.15 and $54.40 respectively. The stock’s fifty-day simple moving average is $40.45 and its 200-day simple moving average is $40.42.
Hedge funds and institutional investors have recently been buying and selling shares of the company. covestor ltd. increased its stake in Synovus Financial by 76.7% during the first quarter. Covestor Ltd currently owns 1,087 shares of the bank, or 472 additional shares, totaling $53,000 in additional shares of the company. While Neo Ivy Capital Management increased its holdings in Synovus Financial in the second quarter by about $48,000, the Canada Pension Plan Investment Board increased its shares in the first quarter to about $74,000. Point72 Hong Kong Ltd. increased its stake in Synovus Financial shares by approximately $141,000 during the second quarter. Notably, Eudaimonia Partners LLC invested an additional $204,000 in shares of Synovus Financial during the first quarter, expanding its stake in the company. The institutions now hold 80.41% of the shares.
Several brokerages have recently commented on SNV. In a research report released Friday, July 22, Piper Sandler raised her price target for Synovus Financial from $49.00 to $53.00. On July 11, Jefferies Financial Group lowered its price target for Synovus Financial from $57.00 to $45.00 in a research report. In a research note released Friday, July 1, JPMorgan Chase & Co. maintained its “overweight” rating on the stock while lowering its price target on Synovus Financial from $60.00 to $46,000. On September 15, Truist Financial reduced its price target for Synovus Financial to $49.00 in a research note. In a research report released Thursday, October 6, Raymond James maintained an “outperform” rating for the stock while lowering its price target for Synovus Financial from $50 to $48 in a research report. Two analysts rated the stock in the “conservation” category, while six equity research analysts gave the company a buy rating. According to Bloomberg, the stock has a “moderate buy” consensus rating and a price target of $51.44.
The holding company of Synovus Bank, which provides both corporate and personal banking products and services, is Synovus Financial Corp. Its three operating segments are community banking, wholesale banking and financial management services. In addition, the Company offers institutional trust services, asset management, capital market services, cash management, and commercial, financial and real estate loans as part of its commercial banking services.