Synovus Financial (NYSE:SNV) Releases Quarterly Earnings Results, Misses Estimates By $0.20 EPS

Synovus Financial (NYSE:SNV) released its earnings results on Wednesday. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20), Briefing.com reports. Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same period last year, the firm posted $1.33 EPS. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year.

Synovus Financial Trading Up 3.6 %

Shares of SNV traded up $1.23 during midday trading on Friday, hitting $35.13. The stock had a trading volume of 1,399,192 shares, compared to its average volume of 1,494,072. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. The firm has a market cap of $5.14 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 3.93 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The stock’s 50 day moving average is $37.93 and its 200 day moving average is $34.46.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. American Trust grew its holdings in shares of Synovus Financial by 2.9% in the fourth quarter. American Trust now owns 9,208 shares of the bank’s stock worth $346,000 after purchasing an additional 258 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after acquiring an additional 318 shares in the last quarter. Mariner LLC grew its holdings in Synovus Financial by 3.4% during the 3rd quarter. Mariner LLC now owns 12,349 shares of the bank’s stock worth $343,000 after acquiring an additional 407 shares in the last quarter. Covestor Ltd grew its holdings in Synovus Financial by 76.7% during the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after acquiring an additional 472 shares in the last quarter. Finally, First Citizens Bank & Trust Co. grew its holdings in Synovus Financial by 2.9% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank’s stock worth $530,000 after acquiring an additional 500 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. DA Davidson lowered their target price on shares of Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a report on Friday. Evercore ISI boosted their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. JPMorgan Chase & Co. lowered their target price on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday. The Goldman Sachs Group lowered their target price on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $41.69.

About Synovus Financial

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.