Synovus Financial Corp. (NYSE:SNV) declared a — dividend on Thursday, September 5th, Wall Street Journal reports. Shareholders of record on Thursday, September 19th will be paid a dividend of 0.30 per share by the bank on Tuesday, October 1st. This represents a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 18th.
Synovus Financial has increased its dividend payment by an average of 31.0% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Synovus Financial has a dividend payout ratio of 33.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Synovus Financial to earn $4.06 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 29.6%.
NYSE SNV traded up $1.27 on Thursday, reaching $36.31. 1,278,591 shares of the stock traded hands, compared to its average volume of 1,852,449. The firm’s fifty day simple moving average is $35.89 and its 200 day simple moving average is $35.75. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.51. The company has a market cap of $5.26 billion, a price-to-earnings ratio of 9.98, a P/E/G ratio of 1.07 and a beta of 1.34. Synovus Financial has a 12 month low of $29.93 and a 12 month high of $50.38.
SNV has been the subject of several recent research reports. ValuEngine upgraded Synovus Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, July 27th. Hovde Group upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and raised their target price for the company from $40.00 to $42.00 in a report on Tuesday, August 27th. Evercore ISI raised Synovus Financial from an “in-line” rating to an “outperform” rating in a research report on Thursday, August 8th. Raymond James lowered their price target on Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, June 18th. Finally, SunTrust Banks lowered their price target on Synovus Financial from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Synovus Financial has an average rating of “Buy” and a consensus price target of $44.32.
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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