Synovus Financial (NYSE:SNV) Shares Down 5.9% on Disappointing Earnings

Synovus Financial Corp. (NYSE:SNV)’s stock price dropped 5.9% on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $33.73 and last traded at $34.10, approximately 2,710,306 shares traded hands during trading. An increase of 53% from the average daily volume of 1,771,585 shares. The stock had previously closed at $36.25.

The bank reported $0.97 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.03). The firm had revenue of $490.86 million during the quarter, compared to analyst estimates of $486.74 million. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The firm’s revenue for the quarter was up 35.1% on a year-over-year basis. During the same period last year, the company posted $0.94 EPS.

The company also recently announced a — dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.30 dividend. This represents a yield of 3.3%. The ex-dividend date was Wednesday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is 32.97%.

SNV has been the topic of several research reports. SunTrust Banks lowered their target price on Synovus Financial from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. DA Davidson started coverage on Synovus Financial in a research note on Tuesday, August 20th. They set a “buy” rating and a $41.00 price objective on the stock. Hovde Group raised Synovus Financial from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $40.00 to $42.00 in a research note on Tuesday, August 27th. Stephens reaffirmed a “buy” rating and set a $42.00 price objective on shares of Synovus Financial in a research note on Friday, October 11th. Finally, ValuEngine raised Synovus Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 27th. One research analyst has rated the stock with a sell rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $42.75.

In related news, VP Mark G. Holladay sold 5,000 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $35.72, for a total transaction of $178,600.00. Following the sale, the vice president now owns 60,289 shares of the company’s stock, valued at $2,153,523.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Municipal Employees Retirement System of Michigan lifted its position in Synovus Financial by 1.1% during the second quarter. Municipal Employees Retirement System of Michigan now owns 29,420 shares of the bank’s stock worth $1,030,000 after buying an additional 310 shares during the period. Investors Research Corp lifted its position in Synovus Financial by 59.7% during the third quarter. Investors Research Corp now owns 992 shares of the bank’s stock worth $35,000 after buying an additional 371 shares during the period. Magnus Financial Group LLC lifted its position in Synovus Financial by 3.5% during the second quarter. Magnus Financial Group LLC now owns 12,293 shares of the bank’s stock worth $430,000 after buying an additional 410 shares during the period. ZWJ Investment Counsel Inc. lifted its position in Synovus Financial by 5.9% during the third quarter. ZWJ Investment Counsel Inc. now owns 7,377 shares of the bank’s stock worth $264,000 after buying an additional 410 shares during the period. Finally, Meeder Asset Management Inc. lifted its position in Synovus Financial by 45.1% during the third quarter. Meeder Asset Management Inc. now owns 1,365 shares of the bank’s stock worth $49,000 after buying an additional 424 shares during the period. 84.07% of the stock is currently owned by institutional investors and hedge funds.

The company has a 50-day moving average of $35.56 and a two-hundred day moving average of $35.26. The stock has a market capitalization of $5.38 billion, a PE ratio of 9.37, a P/E/G ratio of 1.11 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.94 and a quick ratio of 0.94.

About Synovus Financial (NYSE:SNV)

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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