Synovus Financial (NYSE:SNV) Issues Quarterly Earnings Results, Beats Estimates By $0.26 EPS

Synovus Financial (NYSE:SNV) released its quarterly earnings results on Monday. The bank reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.26, MarketWatch Earnings reports. Synovus Financial had a net margin of 15.84% and a return on equity of 8.20%. During the same quarter in the previous year, the firm earned $0.97 EPS.

Shares of NYSE SNV traded down $1.55 during midday trading on Wednesday, hitting $36.28. The company’s stock had a trading volume of 1,563,497 shares, compared to its average volume of 1,032,214. The stock has a fifty day moving average price of $34.43 and a 200 day moving average price of $26.68. Synovus Financial has a one year low of $10.91 and a one year high of $39.05. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 15.93, a P/E/G ratio of 1.56 and a beta of 1.66.

The firm also recently declared a quarterly dividend, which was paid on Monday, January 4th. Stockholders of record on Thursday, December 17th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.64%. The ex-dividend date was Wednesday, December 16th. Synovus Financial’s dividend payout ratio (DPR) is currently 33.85%.

Several research analysts recently weighed in on the stock. Raymond James boosted their price target on shares of Synovus Financial from $28.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, January 7th. TheStreet upgraded shares of Synovus Financial from a “c+” rating to a “b-” rating in a report on Monday, January 4th. Janney Montgomery Scott lowered shares of Synovus Financial from a “buy” rating to a “neutral” rating and set a $13.50 price objective on the stock. in a research report on Tuesday, November 10th. Royal Bank of Canada raised shares of Synovus Financial from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $28.00 to $40.00 in a research report on Friday, December 11th. Finally, Piper Sandler lifted their price objective on shares of Synovus Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, January 8th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $33.42.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

Further Reading: Dollar Cost Averaging

Earnings History for Synovus Financial (NYSE:SNV)

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