Synovus Financial (NYSE:SNV) Announces Earnings Results

Synovus Financial (NYSE:SNV) announced its quarterly earnings results on Wednesday. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20), Briefing.com reports. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period in the previous year, the firm posted $1.33 EPS. The business’s quarterly revenue was down 12.4% compared to the same quarter last year.

Synovus Financial Trading Down 0.1 %

SNV opened at $36.60 on Thursday. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92. The company has a 50-day simple moving average of $37.96 and a 200 day simple moving average of $34.46. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 10.58, a P/E/G ratio of 3.93 and a beta of 1.40.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.15%. Synovus Financial’s dividend payout ratio is 43.93%.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $46.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, April 4th. Barclays began coverage on shares of Synovus Financial in a research report on Friday, March 8th. They set an “equal weight” rating and a $42.00 price target on the stock. DA Davidson reaffirmed a “buy” rating on shares of Synovus Financial in a research report on Monday, January 15th. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Synovus Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $41.50.

Insider Buying and Selling

In related news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the sale, the director now owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the transaction, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Synovus Financial by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank’s stock valued at $562,536,000 after buying an additional 170,332 shares during the last quarter. BlackRock Inc. raised its holdings in Synovus Financial by 1.6% in the 1st quarter. BlackRock Inc. now owns 14,098,433 shares of the bank’s stock valued at $434,655,000 after buying an additional 228,708 shares during the last quarter. State Street Corp raised its holdings in Synovus Financial by 15.7% in the 1st quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock valued at $216,502,000 after buying an additional 941,244 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Synovus Financial by 1.1% in the 4th quarter. Alliancebernstein L.P. now owns 3,717,396 shares of the bank’s stock valued at $139,588,000 after buying an additional 39,915 shares during the last quarter. Finally, Macquarie Group Ltd. raised its holdings in Synovus Financial by 0.5% in the 2nd quarter. Macquarie Group Ltd. now owns 3,015,020 shares of the bank’s stock valued at $108,691,000 after buying an additional 14,336 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

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.