Q2 2024 EPS Estimates for Synovus Financial Corp. (NYSE:SNV) Lifted by DA Davidson

Synovus Financial Corp. (NYSE:SNV - Free Report) - Investment analysts at DA Davidson raised their Q2 2024 earnings per share estimates for shares of Synovus Financial in a report issued on Wednesday, May 8th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings per share of $0.99 for the quarter, up from their previous estimate of $0.95. DA Davidson has a "Buy" rating and a $47.00 price objective on the stock. The consensus estimate for Synovus Financial's current full-year earnings is $3.76 per share.

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

Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Stephens reissued an "equal weight" rating and set a $38.00 price objective on shares of Synovus Financial in a report on Tuesday. Jefferies Financial Group cut their target price on Synovus Financial from $46.00 to $43.00 and set a "buy" rating for the company in a research note on Monday, April 8th. Morgan Stanley reiterated an "equal weight" rating and issued a $37.00 price objective on shares of Synovus Financial in a research report on Monday, April 22nd. Finally, Royal Bank of Canada lowered their price objective on Synovus Financial from $44.00 to $41.00 and set an "outperform" rating for the company in a research report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Synovus Financial has an average rating of "Hold" and an average price target of $41.50.

Synovus Financial Stock Performance

Shares of NYSE SNV traded up $0.08 during mid-day trading on Friday, reaching $39.69. 847,375 shares of the company's stock were exchanged, compared to its average volume of 1,475,701. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The firm has a 50-day moving average price of $38.06 and a two-hundred day moving average price of $35.64. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 4.48 and a beta of 1.41. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date was Wednesday, March 20th. Synovus Financial's dividend payout ratio is 52.05%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank's stock valued at $1,852,000 after acquiring an additional 22,621 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Synovus Financial by 7.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 147,987 shares of the bank's stock valued at $5,928,000 after acquiring an additional 9,846 shares during the period. Qsemble Capital Management LP bought a new position in Synovus Financial in the first quarter valued at about $1,010,000. Inspire Advisors LLC lifted its holdings in Synovus Financial by 2.8% in the first quarter. Inspire Advisors LLC now owns 31,281 shares of the bank's stock valued at $1,253,000 after acquiring an additional 857 shares during the period. Finally, Swiss National Bank raised its stake in shares of Synovus Financial by 0.3% in the first quarter. Swiss National Bank now owns 288,819 shares of the bank's stock worth $11,570,000 after buying an additional 800 shares during the period. Institutional investors own 83.85% of the company's stock.

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.