Synovus Financial Corp. (NYSE:SNV) Announces $0.38 Quarterly Dividend

Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Friday, September 1st, Zacks reports. Stockholders of record on Thursday, September 21st will be paid a dividend of 0.38 per share by the bank on Monday, October 2nd. This represents a $1.52 annualized dividend and a dividend yield of 5.02%. The ex-dividend date of this dividend is Wednesday, September 20th.

Synovus Financial has raised its dividend payment by an average of 4.3% annually over the last three years and has increased its dividend annually for the last 2 consecutive years. Synovus Financial has a payout ratio of 38.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Synovus Financial to earn $3.94 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 38.6%.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $30.29 on Monday. The company has a fifty day moving average price of $31.99 and a 200 day moving average price of $30.80. The firm has a market cap of $4.43 billion, a PE ratio of 5.90, a PEG ratio of 2.34 and a beta of 1.39. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.94. Synovus Financial has a 1-year low of $25.19 and a 1-year high of $44.91.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 19th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.02. Synovus Financial had a net margin of 25.05% and a return on equity of 19.61%. The firm had revenue of $567.81 million for the quarter, compared to analyst estimates of $570.82 million. Research analysts predict that Synovus Financial will post 4.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on SNV. Wells Fargo & Company dropped their price target on Synovus Financial from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Friday, July 21st. DA Davidson upped their target price on Synovus Financial from $34.00 to $37.00 in a research report on Friday, July 21st. 888 restated a “maintains” rating on shares of Synovus Financial in a research note on Thursday, June 29th. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, July 21st. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $30.00 price objective on shares of Synovus Financial in a report on Monday, July 24th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus target price of $37.30.

Institutional Trading of Synovus Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Synovus Financial in the 4th quarter valued at $55,365,000. Schonfeld Strategic Advisors LLC boosted its position in Synovus Financial by 591.4% during the first quarter. Schonfeld Strategic Advisors LLC now owns 1,146,116 shares of the bank’s stock valued at $35,335,000 after acquiring an additional 980,341 shares during the last quarter. State Street Corp grew its holdings in Synovus Financial by 15.7% during the 1st quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock worth $216,502,000 after acquiring an additional 941,244 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of Synovus Financial in the 1st quarter worth about $20,823,000. Finally, First Trust Advisors LP lifted its stake in shares of Synovus Financial by 78.8% in the 1st quarter. First Trust Advisors LP now owns 720,573 shares of the bank’s stock valued at $35,308,000 after purchasing an additional 317,619 shares during the period. Institutional investors and hedge funds own 79.92% of the company’s stock.

Synovus Financial Company Profile

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