Synovus Financial Corp. (NYSE:SNV) Plans Quarterly Dividend of $0.39

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Monday, March 3rd, RTT News reports. Investors of record on Thursday, March 20th will be given a dividend of 0.39 per share by the bank on Tuesday, April 1st. This represents a $1.56 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38.

Synovus Financial has increased its dividend by an average of 4.8% annually over the last three years. Synovus Financial has a payout ratio of 27.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Synovus Financial to earn $5.45 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 27.9%.

Synovus Financial Stock Performance

SNV opened at $48.89 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $6.89 billion, a PE ratio of 16.03, a PEG ratio of 1.11 and a beta of 1.39. The firm’s 50-day moving average price is $53.62 and its 200 day moving average price is $50.90. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Synovus Financial’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.80 EPS. As a group, sell-side analysts expect that Synovus Financial will post 4.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. UBS Group initiated coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 target price on the stock. Piper Sandler upped their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Finally, Stephens reissued an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

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.