Synovus Financial (NYSE:SNV) Announces Quarterly Earnings Results

Synovus Financial (NYSE:SNV) released its quarterly earnings results on Wednesday. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14, Briefing.com reports. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same period in the previous year, the company posted $0.84 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. Synovus Financial updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Synovus Financial Price Performance

Shares of SNV stock opened at $50.85 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The stock’s 50-day moving average is $44.31 and its 200 day moving average is $41.21. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $51.69. The company has a market cap of $7.45 billion, a P/E ratio of 17.41, a PEG ratio of 2.18 and a beta of 1.38.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is 52.05%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SNV shares. JPMorgan Chase & Co. dropped their target price on shares of Synovus Financial from $55.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Truist Financial increased their price objective on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 20th. Morgan Stanley lifted their price objective on Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Barclays raised their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Finally, Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $47.94.

Insiders Place Their Bets

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 trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.81% of the stock is currently owned by insiders.

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.