Synovus Financial (NYSE:SNV) Shares Gap Down on Disappointing Earnings

Synovus Financial Corp. (NYSE:SNV - Get Free Report) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $36.62, but opened at $33.85. Synovus Financial shares last traded at $33.92, with a volume of 842,605 shares traded.

The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The business's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period last year, the business earned $1.33 EPS.

Synovus Financial Dividend Announcement

The firm 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 4.48%. The ex-dividend date was Wednesday, March 20th. Synovus Financial's dividend payout ratio (DPR) is currently 43.93%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SNV shares. Raymond James lowered Synovus Financial from a "strong-buy" rating to a "market perform" rating in a report on Thursday. Jefferies Financial Group decreased their price objective on Synovus Financial from $46.00 to $43.00 and set a "buy" rating on the stock in a report on Monday, April 8th. DA Davidson reissued a "buy" rating on shares of Synovus Financial in a report on Monday, January 15th. UBS Group lifted their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a "buy" rating in a report on Tuesday, January 23rd. Finally, Wells Fargo & Company lifted their price objective on Synovus Financial from $40.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $41.50.

Insider Buying and Selling at Synovus Financial

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

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently made changes to their positions in SNV. Allworth Financial LP raised its position in shares of Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank's stock worth $27,000 after acquiring an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Synovus Financial during the fourth quarter worth $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Synovus Financial during the fourth quarter worth $30,000. Lazard Asset Management LLC grew its stake in shares of Synovus Financial by 64.8% during the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank's stock worth $30,000 after purchasing an additional 318 shares during the period. Finally, First Command Advisory Services Inc. acquired a new stake in shares of Synovus Financial during the third quarter worth $33,000. Institutional investors own 83.85% of the company's stock.

Synovus Financial Trading Down 7.4 %

The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50 day moving average of $37.93 and a 200 day moving average of $34.46. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 9.80, a PEG ratio of 3.93 and a beta of 1.40.

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.