Synovus Financial (SNV) Issues Quarterly Earnings Results

Synovus Financial (NYSE:SNV) announced its quarterly earnings results on Tuesday. The bank reported $0.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.08, MarketWatch Earnings reports. The company had revenue of $476.50 million for the quarter, compared to analyst estimates of $459.05 million. Synovus Financial had a net margin of 26.38% and a return on equity of 15.68%. The firm’s revenue was up 39.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 earnings per share.

Shares of SNV opened at $35.68 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $5.74 billion, a PE ratio of 9.80, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24. Synovus Financial has a 12-month low of $29.93 and a 12-month high of $57.40.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a dividend of $0.30 per share. The ex-dividend date was Wednesday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.36%. Synovus Financial’s dividend payout ratio (DPR) is 32.97%.



Several equities analysts have commented on SNV shares. Piper Jaffray Companies upgraded shares of Synovus Financial from a “neutral” rating to an “overweight” rating and increased their price target for the company from $44.00 to $45.00 in a research note on Tuesday, January 22nd. Barclays upgraded shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $47.00 to $45.00 in a research note on Thursday, January 10th. Bank of America reiterated a “buy” rating and issued a $48.00 price target (up from $40.00) on shares of Synovus Financial in a research note on Tuesday, March 12th. Raymond James upgraded shares of Synovus Financial from an “outperform” rating to a “strong-buy” rating and set a $44.00 price target on the stock in a research note on Thursday, April 4th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $49.00 price target on shares of Synovus Financial in a research note on Sunday, February 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $45.98.

Several institutional investors and hedge funds have recently made changes to their positions in SNV. GAM Holding AG grew its position in Synovus Financial by 3.7% in the 4th quarter. GAM Holding AG now owns 8,065 shares of the bank’s stock valued at $258,000 after buying an additional 290 shares during the last quarter. First Allied Advisory Services Inc. grew its position in Synovus Financial by 3.8% in the 4th quarter. First Allied Advisory Services Inc. now owns 9,169 shares of the bank’s stock valued at $292,000 after buying an additional 339 shares during the last quarter. Advisory Services Network LLC grew its position in Synovus Financial by 9.7% in the 4th quarter. Advisory Services Network LLC now owns 3,958 shares of the bank’s stock valued at $127,000 after buying an additional 350 shares during the last quarter. ETF Managers Group LLC grew its position in Synovus Financial by 17.9% in the 4th quarter. ETF Managers Group LLC now owns 2,657 shares of the bank’s stock valued at $85,000 after buying an additional 404 shares during the last quarter. Finally, Amalgamated Bank grew its position in Synovus Financial by 2.1% in the 4th quarter. Amalgamated Bank now owns 23,119 shares of the bank’s stock valued at $740,000 after buying an additional 473 shares during the last quarter. Institutional investors and hedge funds own 68.32% of the company’s stock.

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Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Earnings History for Synovus Financial (NYSE:SNV)

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