Synovus Financial Corp. (NYSE:SNV) - DA Davidson issued their Q3 2021 earnings per share (EPS) estimates for shares of Synovus Financial in a report released on Friday, July 23rd. DA Davidson analyst K. Fitzsimmons anticipates that the bank will post earnings of $1.03 per share for the quarter. DA Davidson also issued estimates for Synovus Financial's FY2021 earnings at $4.47 EPS. Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Monday, July 19th. The bank reported $1.20 EPS for the quarter, beating the Zacks' consensus estimate of $1.03 by $0.17. Synovus Financial had a net margin of 28.77% and a return on equity of 14.65%. During the same period last year, the firm earned $0.23 EPS.
A number of other brokerages also recently weighed in on SNV. Zacks Investment Research downgraded shares of Synovus Financial from a "strong-buy" rating to a "hold" rating and set a $52.00 target price for the company. in a research note on Monday, June 7th. Raymond James boosted their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 7th. Morgan Stanley boosted their target price on shares of Synovus Financial from $56.00 to $58.00 and gave the stock an "overweight" rating in a research note on Thursday, April 29th. Finally, Piper Sandler boosted their target price on shares of Synovus Financial from $54.50 to $59.00 and gave the stock an "overweight" rating in a research note on Thursday, June 3rd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. The stock presently has an average rating of "Buy" and a consensus price target of $45.15.
Shares of NYSE SNV opened at $40.84 on Monday. Synovus Financial has a 1-year low of $19.39 and a 1-year high of $50.51. The company has a market capitalization of $6.07 billion, a P/E ratio of 10.47, a PEG ratio of 1.15 and a beta of 1.61. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.87 and a current ratio of 0.88. The business has a 50-day moving average of $45.67.
Institutional investors have recently added to or reduced their stakes in the company. Column Capital Advisors LLC acquired a new position in Synovus Financial during the first quarter worth $33,000. Carroll Financial Associates Inc. acquired a new position in Synovus Financial during the first quarter worth $35,000. Harvest Fund Management Co. Ltd acquired a new position in Synovus Financial during the first quarter worth $38,000. Valeo Financial Advisors LLC acquired a new position in Synovus Financial during the first quarter worth $71,000. Finally, IFP Advisors Inc boosted its holdings in Synovus Financial by 15.6% during the first quarter. IFP Advisors Inc now owns 1,724 shares of the bank's stock worth $79,000 after purchasing an additional 233 shares during the last quarter. Institutional investors own 76.31% of the company's stock.
In other news, Director John L. Stallworth acquired 1,920 shares of the firm's stock in a transaction that occurred on Thursday, April 29th. The stock was purchased at an average price of $47.21 per share, for a total transaction of $90,643.20. Also, EVP Mark G. Holladay sold 1,500 shares of the business's stock in a transaction that occurred on Friday, July 2nd. The shares were sold at an average price of $44.28, for a total transaction of $66,420.00. Following the transaction, the executive vice president now owns 61,787 shares of the company's stock, valued at approximately $2,735,928.36. The disclosure for this sale can be found here. 1.11% of the stock is currently owned by insiders.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 1st. Investors of record on Thursday, June 17th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend was Wednesday, June 16th. Synovus Financial's dividend payout ratio is currently 54.77%.
About Synovus Financial
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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