Synovus Financial Corp. (NYSE:SNV) to Issue $0.38 Quarterly Dividend

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Tuesday, September 3rd, NASDAQ reports. Shareholders of record on Thursday, September 19th will be paid a dividend of 0.38 per share by the bank on Tuesday, October 1st. This represents a $1.52 annualized dividend and a yield of 3.39%. The ex-dividend date is Thursday, September 19th.

Synovus Financial has increased its dividend payment by an average of 4.8% per year over the last three years. Synovus Financial has a payout ratio of 33.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Synovus Financial to earn $4.67 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 32.5%.

Synovus Financial Stock Up 0.4 %

Shares of Synovus Financial stock opened at $44.79 on Tuesday. 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 has a 1 year low of $24.40 and a 1 year high of $47.83. The firm’s 50-day moving average is $44.01 and its two-hundred day moving average is $40.31. The stock has a market cap of $6.45 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 3.41 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. During the same period in the prior year, the business earned $1.16 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. As a group, research analysts expect that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

SNV has been the topic of several recent research reports. DA Davidson increased their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, July 19th. JPMorgan Chase & Co. lifted their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Keefe, Bruyette & Woods lifted their price objective on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 9th. Wells Fargo & Company lifted their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, Jefferies Financial Group lifted their price objective on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.44.

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.