FY2024 Earnings Estimate for Synovus Financial Corp. (NYSE:SNV) Issued By DA Davidson

Synovus Financial Corp. (NYSE:SNV) – DA Davidson dropped their FY2024 EPS estimates for shares of Synovus Financial in a report released on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the bank will post earnings of $4.17 per share for the year, down from their prior forecast of $4.25. DA Davidson has a “Buy” rating and a $55.00 price objective on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $4.03 per share. DA Davidson also issued estimates for Synovus Financial’s FY2025 earnings at $4.85 EPS.

Other research analysts have also recently issued reports about the company. Truist Financial boosted their target price on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Stephens upped their price objective on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. Keefe, Bruyette & Woods upped their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. increased their price target on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.44.

Synovus Financial Trading Down 0.7 %

Shares of SNV opened at $43.05 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market cap of $6.20 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 3.44 and a beta of 1.38. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.83. The stock has a fifty day moving average price of $43.71 and a two-hundred day moving average price of $40.88.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The company had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 earnings per share.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.53%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Activity at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The stock was 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 owns 14,833 shares in the company, valued at approximately $685,284.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Synovus Financial

A number of institutional investors have recently bought and sold shares of SNV. Nordea Investment Management AB grew its position in Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after purchasing an additional 64,621 shares during the period. &PARTNERS purchased a new stake in Synovus Financial during the second quarter worth $284,000. Texas Permanent School Fund Corp increased its stake in shares of Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares in the last quarter. Eventide Asset Management LLC acquired a new position in Synovus Financial in the 4th quarter worth about $968,000. Finally, Private Capital Management LLC grew its holdings in Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after purchasing an additional 21,456 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Company Profile

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.