Synovus Financial Corp. (SNV) Releases Earnings Results, Beats Estimates By $0.02 EPS
Synovus Financial Corp. (NYSE:SNV) announced its quarterly earnings results on Tuesday. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Synovus Financial Corp. had a return on equity of 8.42% and a net margin of 18.39%.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at 31.99 on Tuesday. Synovus Financial Corp. has a 1-year low of $25.48 and a 1-year high of $33.80. The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of 18.93 and a beta of 1.72. The stock’s 50 day moving average price is $32.61 and its 200 day moving average price is $31.02.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Tuesday, September 13th. Synovus Financial Corp.’s dividend payout ratio is presently 28.24%.
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Several analysts recently commented on the company. Wells Fargo & Co. cut Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research report on Tuesday, August 23rd. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research report on Tuesday, September 20th. Hovde Group raised their target price on Synovus Financial Corp. from $34.00 to $35.50 and gave the company an “outperform” rating in a research report on Friday, August 19th. Credit Agricole SA upgraded Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and raised their target price for the company from $30.00 to $33.00 in a research report on Friday, September 23rd. Finally, Barclays PLC raised their target price on Synovus Financial Corp. from $29.00 to $31.00 and gave the company an “underweight” rating in a research report on Wednesday, July 20th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Synovus Financial Corp. presently has a consensus rating of “Hold” and an average target price of $31.44.
A number of large investors have recently added to or reduced their stakes in SNV. First Allied Advisory Services Inc. bought a new stake in Synovus Financial Corp. during the second quarter worth $208,000. Hsbc Holdings PLC bought a new stake in Synovus Financial Corp. during the second quarter worth $234,000. OMERS ADMINISTRATION Corp bought a new stake in Synovus Financial Corp. during the second quarter worth $293,000. Pacer Advisors Inc. bought a new stake in Synovus Financial Corp. during the second quarter worth $309,000. Finally, Pettyjohn Wood & White Inc. bought a new stake in Synovus Financial Corp. during the second quarter worth $346,000. 76.80% of the stock is currently owned by institutional investors.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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