Synovus Financial (NYSE:SNV) Releases Quarterly Earnings Results, Misses Expectations By $0.20 EPS

Synovus Financial (NYSE:SNV - Get Free Report) released its earnings results on Wednesday. The bank reported $0.79 EPS for the quarter, missing analysts' consensus estimates of $0.99 by ($0.20), Briefing.com reports. The business had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.33 EPS.

Synovus Financial Stock Performance

SNV traded down $2.70 during midday trading on Thursday, hitting $33.92. 5,773,128 shares of the company were exchanged, compared to its average volume of 1,495,824. The company's 50 day simple moving average is $37.93 and its 200 day simple moving average is $34.46. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 9.80, a price-to-earnings-growth ratio of 3.93 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 4.48%. The ex-dividend date was Wednesday, March 20th. Synovus Financial's dividend payout ratio is currently 43.93%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SNV. DA Davidson reissued a "buy" rating on shares of Synovus Financial in a research note on Monday, January 15th. Barclays started coverage on Synovus Financial in a report on Friday, March 8th. They set an "equal weight" rating and a $42.00 price objective for the company. Evercore ISI increased their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an "in-line" rating in a report on Thursday, March 28th. JPMorgan Chase & Co. increased their price objective on Synovus Financial from $46.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, April 4th. Finally, Wells Fargo & Company increased their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $41.50.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares of the company's stock, valued at approximately $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Tim E. Bentsen sold 4,671 shares of the firm's stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm's stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently modified their holdings of SNV. International Assets Investment Management LLC acquired a new stake in shares of Synovus Financial during the 4th quarter valued at about $28,000. Lazard Asset Management LLC purchased a new position in Synovus Financial in the 2nd quarter valued at about $30,000. Belpointe Asset Management LLC lifted its stake in Synovus Financial by 138.0% in the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank's stock valued at $34,000 after buying an additional 635 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Synovus Financial in the 2nd quarter valued at about $48,000. Finally, Covestor Ltd lifted its stake in Synovus Financial by 76.7% in the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank's stock valued at $53,000 after buying an additional 472 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.