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

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Tuesday, September 3rd, NASDAQ reports. Investors of record on Thursday, September 19th will be given a dividend of 0.38 per share by the bank on Tuesday, October 1st. This represents a $1.52 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Thursday, September 19th.

Synovus Financial has increased its dividend payment by an average of 4.8% per year over the last three years. Synovus Financial has a dividend payout ratio of 33.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Synovus Financial to earn $4.67 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 32.5%.

Synovus Financial Trading Down 0.0 %

NYSE SNV opened at $44.77 on Wednesday. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $47.83. The company has a 50-day moving average of $44.01 and a 200-day moving average of $40.31. The company has a market cap of $6.45 billion, a P/E ratio of 15.33, a P/E/G ratio of 3.50 and a beta of 1.39. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.20. The company had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 EPS. As a group, equities analysts predict that Synovus Financial will post 4.05 earnings per share for the current year.

Insider Buying and Selling at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.81% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on SNV. Piper Sandler increased their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. DA Davidson lifted their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 19th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday. Truist Financial boosted their price objective on Synovus Financial from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.69.

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 lending services.