Q3 2024 EPS Estimates for Synovus Financial Corp. (NYSE:SNV) Decreased by Analyst

Synovus Financial Corp. (NYSE:SNV) – Equities research analysts at DA Davidson decreased their Q3 2024 earnings per share estimates for Synovus Financial in a note issued to investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the bank will post earnings per share of $1.08 for the quarter, down from their previous estimate of $1.11. DA Davidson has a “Buy” rating and a $55.00 price target on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $4.20 per share.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.20. The company had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.16 earnings per share.

SNV has been the topic of a number of other research reports. Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Royal Bank of Canada raised their price objective on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Truist Financial upped their target price on Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $47.44.

Synovus Financial Stock Performance

NYSE SNV opened at $43.83 on Friday. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.83. The company has a fifty day moving average of $43.86 and a 200-day moving average of $40.78. The company has a market capitalization of $6.31 billion, a P/E ratio of 15.01, a P/E/G ratio of 3.20 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Innealta Capital LLC bought a new stake in shares of Synovus Financial during the second quarter valued at approximately $43,000. Abich Financial Wealth Management LLC grew its position in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after buying an additional 371 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Synovus Financial in the 1st quarter worth about $51,000. Headlands Technologies LLC increased its stake in shares of Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after acquiring an additional 298 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by company insiders.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors 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 annualized dividend and a dividend yield of 3.47%. Synovus Financial’s payout ratio is presently 52.05%.

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.