Synovus Financial Corp. (NYSE:SNV) Raises Dividend to $0.39 Per Share

Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Monday, March 3rd, RTT News reports. Investors of record on Thursday, March 20th will be paid a dividend of 0.39 per share by the bank on Tuesday, April 1st. This represents a $1.56 annualized dividend and a dividend yield of 3.08%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38.

Synovus Financial has increased its dividend by an average of 4.8% per year over the last three years. Synovus Financial has a dividend payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $5.45 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 27.9%.

Synovus Financial Stock Performance

NYSE SNV opened at $50.65 on Tuesday. The stock’s fifty day moving average is $53.67 and its two-hundred day moving average is $50.87. The firm has a market capitalization of $7.14 billion, a P/E ratio of 16.61, a price-to-earnings-growth ratio of 1.11 and a beta of 1.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the prior year, the company earned $0.80 EPS. Synovus Financial’s revenue was up 18.8% on a year-over-year basis. On average, research analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 target price on the stock. Barclays increased their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Piper Sandler upped their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Stephens reaffirmed an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, JPMorgan Chase & Co. increased their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.44.

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.