Synovus Financial (NYSE:SNV) Releases Quarterly Earnings Results, Misses Estimates By $0.20 EPS

Synovus Financial (NYSE:SNV) posted its quarterly earnings results on Wednesday. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20), Briefing.com reports. The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The company’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period last year, the firm posted $1.33 earnings per share.

Synovus Financial Price Performance

Shares of SNV opened at $36.60 on Thursday. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The business’s 50 day moving average price is $37.96 and its two-hundred day moving average price is $34.46. The firm has a market cap of $5.36 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 3.93 and a beta of 1.40.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.15%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is presently 43.93%.

Insider Transactions at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. Vanguard Group Inc. boosted its holdings in Synovus Financial by 1.1% in the third quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank’s stock worth $562,536,000 after acquiring an additional 170,332 shares in the last quarter. BlackRock Inc. boosted its holdings in Synovus Financial by 1.6% in the first quarter. BlackRock Inc. now owns 14,098,433 shares of the bank’s stock worth $434,655,000 after acquiring an additional 228,708 shares in the last quarter. State Street Corp boosted its holdings in Synovus Financial by 15.7% in the first quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock worth $216,502,000 after acquiring an additional 941,244 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Synovus Financial by 1.1% in the fourth quarter. Alliancebernstein L.P. now owns 3,717,396 shares of the bank’s stock worth $139,588,000 after acquiring an additional 39,915 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its holdings in Synovus Financial by 0.5% in the second quarter. Macquarie Group Ltd. now owns 3,015,020 shares of the bank’s stock worth $108,691,000 after acquiring an additional 14,336 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SNV. Keefe, Bruyette & Woods boosted their target price on shares of Synovus Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Truist Financial boosted their price objective on shares of Synovus Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Barclays initiated coverage on shares of Synovus Financial in a research report on Friday, March 8th. They set an “equal weight” rating and a $42.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. Finally, Jefferies Financial Group reduced their price objective on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.50.

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.