Synovus Financial (NYSE:SNV) Issues Earnings Results, Beats Estimates By $0.14 EPS

Synovus Financial (NYSE:SNV) released its earnings results on Wednesday. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14, Briefing.com reports. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the prior year, the company earned $0.84 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. Synovus Financial updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Synovus Financial Stock Down 0.2 %

Shares of SNV stock traded down $0.12 during trading hours on Friday, reaching $50.73. The company had a trading volume of 400,318 shares, compared to its average volume of 1,400,337. The business has a fifty day simple moving average of $44.31 and a 200-day simple moving average of $41.21. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $51.69. The company has a market cap of $7.43 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 2.18 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.00%. Synovus Financial’s dividend payout ratio is presently 52.05%.

Analyst Ratings Changes

SNV has been the topic of a number of recent analyst reports. Truist Financial lifted their target price on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Morgan Stanley lifted their price target on shares of Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. Piper Sandler upped their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Finally, Jefferies Financial Group raised their price objective on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.94.

Insider Activity

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is currently owned by corporate insiders.

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.