Synovus Financial Corp. (NYSE:SNV) Expected to Earn Q2 2024 Earnings of $0.95 Per Share

Synovus Financial Corp. (NYSE:SNV - Free Report) - Research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for Synovus Financial in a research note issued to investors on Monday, April 22nd. DA Davidson analyst G. Tenner expects that the bank will post earnings per share of $0.95 for the quarter. DA Davidson has a "Buy" rating and a $43.00 price objective on the stock. The consensus estimate for Synovus Financial's current full-year earnings is $3.97 per share. DA Davidson also issued estimates for Synovus Financial's FY2024 earnings at $3.88 EPS.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million for the quarter, compared to analysts' expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business's quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.33 EPS.

Several other research firms have also recently issued reports on SNV. Piper Sandler decreased their price objective on Synovus Financial from $46.00 to $42.00 and set an "overweight" rating on the stock in a report on Friday. Wells Fargo & Company decreased their price objective on Synovus Financial from $42.00 to $40.00 and set an "overweight" rating on the stock in a report on Friday. Barclays reduced their target price on Synovus Financial from $42.00 to $39.00 and set an "equal weight" rating on the stock in a report on Friday. Keefe, Bruyette & Woods restated a "market perform" rating and set a $38.00 price objective (down previously from $46.00) on shares of Synovus Financial in a research note on Friday. Finally, Jefferies Financial Group reduced their price objective on Synovus Financial from $46.00 to $43.00 and set a "buy" rating on the stock in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $41.18.

Synovus Financial Price Performance

Synovus Financial stock traded up $0.95 during mid-day trading on Tuesday, hitting $36.63. 1,817,286 shares of the company were exchanged, compared to its average volume of 1,518,152. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The business's 50 day simple moving average is $37.88 and its two-hundred day simple moving average is $34.69. The company has a market capitalization of $5.36 billion, a P/E ratio of 12.22, a PEG ratio of 3.83 and a beta of 1.40. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of SNV. AE Wealth Management LLC boosted its holdings in shares of Synovus Financial by 36.2% in the third quarter. AE Wealth Management LLC now owns 18,728 shares of the bank's stock worth $521,000 after buying an additional 4,980 shares during the last quarter. Impact Partnership Wealth LLC acquired a new position in shares of Synovus Financial during the third quarter valued at about $132,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Synovus Financial during the 3rd quarter worth approximately $214,000. Raymond James Financial Services Advisors Inc. lifted its holdings in Synovus Financial by 11.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank's stock valued at $636,000 after purchasing an additional 2,305 shares in the last quarter. Finally, Sippican Capital Advisors increased its position in shares of Synovus Financial by 7.2% during the 3rd quarter. Sippican Capital Advisors now owns 7,400 shares of the bank's stock worth $206,000 after purchasing an additional 500 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Tim E. Bentsen sold 4,671 shares of the firm's stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares of the company's stock, valued at $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.81% of the company's stock.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial's payout ratio is 52.05%.

Synovus Financial Company Profile

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.