Synovus Financial (NYSE:SNV) Posts Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Synovus Financial (NYSE:SNV) released its quarterly earnings results on Wednesday. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14, Briefing.com reports. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.84 EPS. Synovus Financial updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Synovus Financial Stock Up 5.1 %

Shares of SNV opened at $50.85 on Friday. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $51.69. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $7.45 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 2.18 and a beta of 1.38. The stock’s 50-day moving average price is $44.31 and its 200-day moving average price is $41.21.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.99%. Synovus Financial’s payout ratio is 52.05%.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of the company’s 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 sale, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on SNV shares. Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Truist Financial boosted their price target on Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research report on Tuesday, September 17th. Keefe, Bruyette & Woods boosted their price target on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 9th. Finally, Royal Bank of Canada upped their target price on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.94.

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.