Synovus Financial Corp. Plans Quarterly Dividend of $0.33 (NYSE:SNV)

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Thursday, September 2nd, RTT News reports. Shareholders of record on Thursday, September 16th will be paid a dividend of 0.33 per share by the bank on Friday, October 1st. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Wednesday, September 15th.

Synovus Financial has increased its dividend by 120.0% over the last three years. Synovus Financial has a payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Synovus Financial to earn $4.09 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 32.3%.

Shares of NYSE SNV opened at $40.83 on Tuesday. Synovus Financial has a 1-year low of $19.39 and a 1-year high of $50.51. The company has a market cap of $5.98 billion, a PE ratio of 10.47, a P/E/G ratio of 1.12 and a beta of 1.62. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $42.40 and a two-hundred day moving average of $45.20.

Synovus Financial (NYSE:SNV) last announced its earnings results on Monday, July 19th. The bank reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.17. Synovus Financial had a net margin of 28.77% and a return on equity of 14.65%. The company had revenue of $488.95 million during the quarter, compared to the consensus estimate of $486.99 million. During the same period in the previous year, the firm posted $0.23 earnings per share. As a group, equities research analysts forecast that Synovus Financial will post 4.49 earnings per share for the current year.

SNV has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Synovus Financial from a “strong-buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Monday, June 7th. Piper Sandler boosted their price target on shares of Synovus Financial from $54.50 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, June 3rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Buy” and a consensus price target of $45.15.

In other Synovus Financial news, EVP Mark G. Holladay sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 2nd. The shares were sold at an average price of $44.28, for a total value of $66,420.00. Following the completion of the sale, the executive vice president now owns 61,787 shares of the company’s stock, valued at $2,735,928.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.11% of the stock is currently owned by corporate insiders.

A hedge fund recently raised its stake in Synovus Financial stock. Morgan Stanley grew its stake in Synovus Financial Corp. (NYSE:SNV) by 14.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,487,883 shares of the bank’s stock after buying an additional 190,830 shares during the quarter. Morgan Stanley owned 1.02% of Synovus Financial worth $65,288,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 76.40% of the company’s stock.

About Synovus Financial

Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.

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Dividend History for Synovus Financial (NYSE:SNV)

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