Synovus Financial Corp. (NYSE:SNV) issued its earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.01, Bloomberg Earnings reports. The firm had revenue of $398.01 million for the quarter, compared to analysts’ expectations of $331.27 million. Synovus Financial Corp. had a net margin of 21.39% and a return on equity of 10.44%. During the same quarter last year, the company earned $0.65 earnings per share.
Synovus Financial Corp. (SNV) opened at 47.17 on Friday. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 19.09 and a beta of 1.10. Synovus Financial Corp. has a 52-week low of $32.21 and a 52-week high of $47.67. The company has a 50-day moving average of $45.07 and a 200-day moving average of $43.27.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 21st were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, September 20th. This represents a $0.60 dividend on an annualized basis and a yield of 1.27%. Synovus Financial Corp.’s dividend payout ratio (DPR) is 24.19%.
In other news, EVP R Dallis Copeland, Jr. sold 10,000 shares of Synovus Financial Corp. stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $46.29, for a total transaction of $462,900.00. Following the sale, the executive vice president now owns 43,488 shares of the company’s stock, valued at approximately $2,013,059.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Balentine LLC raised its position in Synovus Financial Corp. by 0.4% in the 2nd quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after purchasing an additional 12 shares during the last quarter. TLP Group LLC bought a new position in Synovus Financial Corp. in the 2nd quarter valued at $145,000. Meeder Asset Management Inc. bought a new position in Synovus Financial Corp. in the 1st quarter valued at $135,000. Advisory Services Network LLC raised its position in Synovus Financial Corp. by 17.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after purchasing an additional 519 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Synovus Financial Corp. by 21.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock valued at $145,000 after purchasing an additional 622 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.
Several analysts recently weighed in on SNV shares. Zacks Investment Research cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. Stephens reaffirmed a “buy” rating and issued a $46.00 target price on shares of Synovus Financial Corp. in a report on Wednesday, July 19th. BidaskClub cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Robert W. Baird reissued a “hold” rating and set a $40.00 price objective on shares of Synovus Financial Corp. in a report on Friday, August 25th. Finally, Barclays PLC set a $48.00 price objective on shares of Synovus Financial Corp. and gave the stock a “hold” rating in a report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $45.09.
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About Synovus Financial Corp.
Synovus Financial Corp. is a financial services company 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 locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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