Synovus Financial Corp. (SNV) To Go Ex-Dividend on September 19th

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Tuesday, September 3rd, NASDAQ reports. Shareholders of record on Thursday, September 19th will be given a dividend of 0.38 per share by the bank on Tuesday, October 1st. This represents a $1.52 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Thursday, September 19th.

Synovus Financial has raised its dividend by an average of 4.8% annually over the last three years. Synovus Financial has a dividend payout ratio of 32.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $4.69 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 32.4%.

Synovus Financial Stock Performance

NYSE SNV opened at $44.03 on Thursday. The stock has a market cap of $6.34 billion, a PE ratio of 15.08, a P/E/G ratio of 3.60 and a beta of 1.39. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a 50-day moving average of $43.40 and a 200-day moving average of $39.93. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.83.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $563.60 million during the quarter, compared to the consensus estimate of $543.52 million. During the same period last year, the business posted $1.16 earnings per share. The business’s revenue for the quarter was down .7% compared to the same quarter last year. On average, sell-side analysts anticipate that Synovus Financial will post 4.06 EPS for the current year.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP D Wayne Akins, Jr. purchased 24,500 shares of the stock in a transaction dated Friday, June 7th. The shares were bought at an average price of $37.40 per share, with a total value of $916,300.00. Following the completion of the acquisition, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Insiders sold a total of 173,523 shares of company stock worth $4,385,674 in the last ninety days. 0.81% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on SNV. Keefe, Bruyette & Woods boosted their price target on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. Wells Fargo & Company upped their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Piper Sandler lifted their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Morgan Stanley increased their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, DA Davidson lifted their price target on shares of Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.44.

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.