Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Thursday, March 1st, RTT News reports. Shareholders of record on Thursday, March 15th will be given a dividend of 0.25 per share by the bank on Monday, April 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Wednesday, March 14th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.15.
Synovus Financial has increased its dividend payment by an average of 26.7% per year over the last three years and has raised its dividend every year for the last 4 years. Synovus Financial has a payout ratio of 24.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Synovus Financial to earn $3.72 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 16.1%.
Shares of Synovus Financial (NYSE:SNV) opened at $52.88 on Tuesday. The stock has a market capitalization of $6,261.63, a PE ratio of 20.77, a price-to-earnings-growth ratio of 1.93 and a beta of 1.11. Synovus Financial has a 52 week low of $37.95 and a 52 week high of $53.14. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 0.97.
SNV has been the subject of a number of recent research reports. Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Tuesday, December 26th. Hovde Group restated a “hold” rating and set a $53.00 price target on shares of Synovus Financial in a research note on Tuesday, January 23rd. Morgan Stanley upgraded Synovus Financial from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $51.67 to $52.00 in a research note on Wednesday, March 7th. Barclays boosted their price target on Synovus Financial from $49.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Finally, Stephens restated a “buy” rating and set a $56.00 price target on shares of Synovus Financial in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. Synovus Financial has a consensus rating of “Hold” and a consensus target price of $52.08.
In other news, COO Allen J. Gula sold 2,450 shares of Synovus Financial stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.22, for a total transaction of $123,039.00. Following the transaction, the chief operating officer now directly owns 70,111 shares of the company’s stock, valued at approximately $3,520,974.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Mark G. Holladay sold 5,000 shares of Synovus Financial stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.16, for a total value of $250,800.00. Following the transaction, the vice president now directly owns 52,063 shares in the company, valued at $2,611,480.08. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.
Synovus Financial announced that its board has initiated a share buyback plan on Tuesday, January 23rd that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
Synovus Financial Company Profile
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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