Synovus Financial (NYSE:SNV) Releases Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Synovus Financial (NYSE:SNV) announced its quarterly earnings results on Wednesday. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14, Briefing.com reports. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the previous year, the business earned $0.84 EPS. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. Synovus Financial updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Synovus Financial Stock Performance

Synovus Financial stock traded up $3.05 during mid-day trading on Thursday, reaching $51.42. 342,612 shares of the stock traded hands, compared to its average volume of 1,384,929. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $51.68. The business’s 50-day moving average is $44.12 and its 200-day moving average is $41.14. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market capitalization of $7.40 billion, a PE ratio of 29.68, a price-to-earnings-growth ratio of 2.18 and a beta of 1.38.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.96%. Synovus Financial’s dividend payout ratio (DPR) is currently 93.25%.

Insiders Place Their Bets

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

SNV has been the topic of several recent analyst reports. Truist Financial lifted their price target on shares of Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 20th. Barclays raised their target price on shares of Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Citigroup began coverage on Synovus Financial in a research note on Thursday, October 10th. They issued a “buy” rating and a $53.00 price target on the stock. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Finally, Jefferies Financial Group upped their price target on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.94.

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.