Synovus Financial Corp. (NYSE:SNV) posted its earnings results on Tuesday. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Synovus Financial Corp. had a return on equity of 8.42% and a net margin of 18.39%. During the same period in the prior year, the business earned $0.42 EPS.
Synovus Financial Corp. (NYSE:SNV) opened at 32.28 on Wednesday. The firm’s 50-day moving average price is $32.59 and its 200-day moving average price is $31.04. The firm has a market capitalization of $3.97 billion, a PE ratio of 19.10 and a beta of 1.72. Synovus Financial Corp. has a 1-year low of $25.48 and a 1-year high of $33.80.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Tuesday, September 13th. Synovus Financial Corp.’s dividend payout ratio (DPR) is 28.24%.
Large investors have recently bought and sold shares of the stock. Signature Estate & Investment Advisors LLC bought a new position in shares of Synovus Financial Corp. during the second quarter valued at about $151,000. Parametrica Management Ltd bought a new position in shares of Synovus Financial Corp. during the second quarter valued at about $200,000. First Allied Advisory Services Inc. bought a new position in shares of Synovus Financial Corp. during the second quarter valued at about $208,000. LS Investment Advisors LLC increased its position in shares of Synovus Financial Corp. by 71.7% in the second quarter. LS Investment Advisors LLC now owns 7,544 shares of the company’s stock valued at $219,000 after buying an additional 3,151 shares in the last quarter. Finally, First Mercantile Trust Co. bought a new position in shares of Synovus Financial Corp. during the third quarter valued at about $250,000. Institutional investors own 76.80% of the company’s stock.
SNV has been the topic of a number of recent research reports. Credit Agricole SA raised Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and increased their target price for the company from $30.00 to $33.00 in a report on Friday, September 23rd. Zacks Investment Research downgraded Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Thursday, June 30th. JPMorgan Chase & Co. lowered their target price on Synovus Financial Corp. from $32.00 to $30.50 and set a “neutral” rating on the stock in a report on Thursday, July 7th. Hovde Group raised their price objective on Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a research note on Friday, August 19th. Finally, Bank of America Corp. downgraded Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 29th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $31.44.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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