Synovus Financial Corp. (NYSE:SNV) Announces $0.34 Quarterly Dividend
Synovus Financial Corp. (NYSE:SNV – Get Rating) announced a quarterly dividend on Thursday, June 2nd, Zacks reports. Investors of record on Thursday, June 16th will be given a dividend of 0.34 per share by the bank on Friday, July 1st. This represents a $1.36 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Wednesday, June 15th.
Synovus Financial has raised its dividend by an average of 9.7% annually over the last three years and has raised its dividend every year for the last 1 years. Synovus Financial has a payout ratio of 26.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $5.12 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 26.6%.
NYSE:SNV opened at $42.36 on Friday. The stock’s fifty day moving average is $43.61 and its 200 day moving average is $47.45. Synovus Financial has a fifty-two week low of $37.98 and a fifty-two week high of $54.40. The firm has a market capitalization of $6.16 billion, a PE ratio of 8.79, a PEG ratio of 2.71 and a beta of 1.42. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.84 and a current ratio of 0.86.
Synovus Financial (NYSE:SNV – Get Rating) last released its earnings results on Thursday, April 21st. The bank reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.05. Synovus Financial had a return on equity of 16.00% and a net margin of 35.38%. The business had revenue of $498.50 million for the quarter, compared to analyst estimates of $497.35 million. During the same quarter last year, the firm posted $1.21 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. Equities analysts forecast that Synovus Financial will post 4.55 EPS for the current year.
A number of research firms have weighed in on SNV. The Goldman Sachs Group reduced their target price on Synovus Financial from $57.00 to $47.50 and set a “neutral” rating on the stock in a research note on Tuesday. Piper Sandler lowered their price target on Synovus Financial from $61.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, April 22nd. Wells Fargo & Company reduced their price objective on Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, April 22nd. Zacks Investment Research cut Synovus Financial from a “buy” rating to a “hold” rating and set a $42.00 price objective for the company. in a research note on Friday, May 20th. Finally, Raymond James reduced their price target on Synovus Financial from $58.00 to $57.00 and set an “outperform” rating for the company in a research report on Friday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $56.39.
In related news, CFO Andrew J. Jr. Gregory bought 2,000 shares of the stock in a transaction on Wednesday, April 27th. The shares were purchased at an average price of $42.73 per share, for a total transaction of $85,460.00. Following the acquisition, the chief financial officer now owns 29,196 shares in the company, valued at $1,247,545.08. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph J. Prochaska, Jr. bought 1,000 shares of the stock in a transaction on Tuesday, May 10th. The shares were bought at an average price of $41.38 per share, for a total transaction of $41,380.00. Following the acquisition, the director now owns 31,109 shares in the company, valued at approximately $1,287,290.42. The disclosure for this purchase can be found here. Company insiders own 1.55% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Sawtooth Solutions LLC acquired a new stake in Synovus Financial during the 1st quarter valued at $254,000. Gabelli Funds LLC boosted its holdings in shares of Synovus Financial by 6.2% during the first quarter. Gabelli Funds LLC now owns 68,500 shares of the bank’s stock worth $3,357,000 after purchasing an additional 4,000 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Synovus Financial during the first quarter worth $20,823,000. Eaton Vance Management boosted its holdings in shares of Synovus Financial by 527.3% during the first quarter. Eaton Vance Management now owns 77,544 shares of the bank’s stock worth $3,800,000 after purchasing an additional 65,182 shares during the last quarter. Finally, Eudaimonia Partners LLC acquired a new stake in shares of Synovus Financial during the first quarter worth $204,000. Hedge funds and other institutional investors own 79.53% of the company’s stock.
Synovus Financial Company Profile (Get Rating)
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking 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.
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