Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Monday, December 3rd, RTT News reports. Shareholders of record on Thursday, December 20th will be given a dividend of 0.25 per share by the bank on Wednesday, January 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.64%.
Synovus Financial has increased its dividend by an average of 26.7% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Synovus Financial has a payout ratio of 27.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $4.04 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 24.8%.
NYSE SNV opened at $37.81 on Monday. Synovus Financial has a 12 month low of $35.59 and a 12 month high of $57.40. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of 14.94, a P/E/G ratio of 1.30 and a beta of 1.17. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.97 and a current ratio of 0.97.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, October 23rd. The bank reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.03. The company had revenue of $363.29 million for the quarter, compared to the consensus estimate of $368.24 million. Synovus Financial had a return on equity of 15.05% and a net margin of 22.41%. The firm’s revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 EPS. Equities research analysts expect that Synovus Financial will post 3.64 EPS for the current year.
A number of research analysts have recently issued reports on the company. Piper Jaffray Companies reissued a “hold” rating and issued a $43.00 price objective on shares of Synovus Financial in a research note on Tuesday, November 27th. FIG Partners raised Synovus Financial from a “market perform” rating to an “outperform” rating in a research note on Tuesday, November 13th. Morgan Stanley raised Synovus Financial from an “equal weight” rating to an “overweight” rating and set a $50.00 price objective on the stock in a research note on Monday, November 12th. Keefe, Bruyette & Woods raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $55.00 price objective on the stock in a research note on Thursday, November 8th. Finally, Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating in a research note on Wednesday, October 31st. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $51.17.
In other news, Director Elizabeth W. Camp purchased 3,000 shares of the company’s stock in a transaction that occurred on Thursday, October 25th. The shares were acquired at an average cost of $36.97 per share, with a total value of $110,910.00. Following the purchase, the director now owns 16,718 shares in the company, valued at $618,064.46. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin S. Blair purchased 750 shares of the company’s stock in a transaction that occurred on Thursday, October 25th. The shares were purchased at an average cost of $37.18 per share, for a total transaction of $27,885.00. Following the completion of the purchase, the chief financial officer now owns 53,986 shares in the company, valued at approximately $2,007,199.48. The disclosure for this purchase can be found here. 1.50% of the stock is owned by insiders.
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Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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