Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Wednesday, June 5th, Wall Street Journal reports. Investors of record on Thursday, June 20th will be paid a dividend of 0.30 per share by the bank on Monday, July 1st. This represents a $1.20 annualized dividend and a yield of 3.51%. The ex-dividend date is Wednesday, June 19th.
Synovus Financial has increased its dividend payment by an average of 31.0% annually over the last three years and has raised its dividend every year for the last 5 years. Synovus Financial has a dividend payout ratio of 33.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $4.13 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 29.1%.
SNV traded up $1.46 during midday trading on Tuesday, hitting $34.16. 22,908 shares of the company’s stock traded hands, compared to its average volume of 1,170,334. Synovus Financial has a one year low of $29.93 and a one year high of $56.11. The stock has a market capitalization of $5.20 billion, a P/E ratio of 9.38, a PEG ratio of 1.02 and a beta of 1.31. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.48. The company’s fifty day moving average price is $34.37.
A number of equities analysts have recently commented on SNV shares. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b-” rating in a research report on Thursday, February 28th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $49.00 price target on shares of Synovus Financial in a research report on Sunday, February 24th. Bank of America reissued a “buy” rating and issued a $48.00 price target (up previously from $40.00) on shares of Synovus Financial in a research report on Tuesday, March 12th. Finally, Raymond James reissued a “buy” rating and issued a $44.00 price target on shares of Synovus Financial in a research report on Thursday, February 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Synovus Financial presently has an average rating of “Buy” and a consensus price target of $44.98.
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About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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