Synovus Financial Corp. (NYSE:SNV) to Issue $0.38 Quarterly Dividend

Synovus Financial Corp. (NYSE:SNVGet Free Report) declared a quarterly dividend on Tuesday, December 3rd,RTT News reports. Shareholders of record on Thursday, December 19th will be given a dividend of 0.38 per share by the bank on Thursday, January 2nd. This represents a $1.52 annualized dividend and a dividend yield of 2.73%.

Synovus Financial has raised its dividend payment by an average of 4.8% annually over the last three years. Synovus Financial has a payout ratio of 33.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $4.67 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 32.5%.

Synovus Financial Stock Down 0.6 %

SNV opened at $55.67 on Thursday. The firm has a 50-day simple moving average of $50.82 and a two-hundred day simple moving average of $45.02. Synovus Financial has a 52 week low of $32.98 and a 52 week high of $59.92. The company has a market capitalization of $7.89 billion, a PE ratio of 25.19, a price-to-earnings-growth ratio of 2.02 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNVGet Free Report) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. The company 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 13.43% and a net margin of 10.82%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the business posted $0.84 earnings per share. Analysts forecast that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SNV shares. JPMorgan Chase & Co. boosted their target price on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Evercore ISI boosted their target price on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. DA Davidson lifted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Barclays boosted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.47.

Get Our Latest Stock Analysis on SNV

About Synovus Financial

(Get Free Report)

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.

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Dividend History for Synovus Financial (NYSE:SNV)

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