Synovus Financial Corp. (NYSE:SNV) to Post Q2 2024 Earnings of $0.95 Per Share, DA Davidson Forecasts

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Synovus Financial in a research note issued on Monday, April 22nd. DA Davidson analyst G. Tenner expects that the bank will post earnings of $0.95 per share for the quarter. DA Davidson currently has a “Buy” rating and a $43.00 target price on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $3.97 per share. DA Davidson also issued estimates for Synovus Financial’s FY2024 earnings at $3.88 EPS.

A number of other brokerages also recently weighed in on SNV. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, April 18th. Barclays dropped their price target on Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. Jefferies Financial Group dropped their price target on Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Finally, Piper Sandler dropped their price target on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $41.18.

Synovus Financial Stock Up 2.7 %

Shares of SNV stock opened at $36.63 on Tuesday. The stock’s 50 day simple moving average is $37.91 and its 200 day simple moving average is $34.76. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 3.83 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period in the previous year, the business posted $1.33 earnings per share. The firm’s revenue was down 12.4% on a year-over-year basis.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s payout ratio is presently 52.05%.

Institutional Trading of Synovus Financial

Institutional investors have recently bought and sold shares of the stock. Phocas Financial Corp. acquired a new stake in Synovus Financial in the 4th quarter valued at $7,115,000. American Century Companies Inc. boosted its stake in Synovus Financial by 46.0% in the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after buying an additional 301,604 shares in the last quarter. Prudential PLC acquired a new position in Synovus Financial in the third quarter worth $1,025,000. rhino investment partners Inc acquired a new position in Synovus Financial in the third quarter worth $5,984,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Synovus Financial by 228.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,828 shares of the bank’s stock worth $1,951,000 after purchasing an additional 36,047 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

About Synovus Financial

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 lending services.