Synovus Financial Corp. (NYSE:SNV) Announces Quarterly Dividend of $0.38

Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Tuesday, December 3rd,RTT News reports. Shareholders of record on Thursday, December 19th will be paid a dividend of 0.38 per share by the bank on Thursday, January 2nd. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.71%.

Synovus Financial has raised its dividend by an average of 4.8% per year over the last three years. Synovus Financial has a payout ratio of 33.0% indicating that 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 Down 1.2 %

Shares of NYSE:SNV traded down $0.67 on Tuesday, reaching $56.00. The company had a trading volume of 1,126,981 shares, compared to its average volume of 1,390,739. Synovus Financial has a twelve month low of $32.53 and a twelve month high of $59.92. The stock has a 50-day moving average price of $50.57 and a 200 day moving average price of $44.91. The stock has a market capitalization of $7.93 billion, a P/E ratio of 25.39, a P/E/G ratio of 2.04 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.84 earnings per share. On average, equities analysts expect that Synovus Financial will post 4.37 EPS for the current year.

Analyst Ratings Changes

SNV has been the topic of a number of recent analyst reports. Citigroup set a $59.00 price objective on Synovus Financial in a research note on Friday, October 18th. Barclays lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Stephens lifted their price objective on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Evercore ISI lifted their price objective on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.47.

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.