Synovus Financial Corp. (NYSE:SNV) Declares $0.39 Quarterly Dividend

Synovus Financial Corp. (NYSE:SNV - Get Free Report) announced a quarterly dividend on Tuesday, June 3rd, RTT News reports. Stockholders of record on Thursday, June 19th will be paid a dividend of 0.39 per share by the bank on Tuesday, July 1st. This represents a $1.56 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Wednesday, June 18th.

Synovus Financial has a dividend payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Synovus Financial to earn $5.45 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 28.6%.

Synovus Financial Stock Up 3.1%

Shares of NYSE SNV traded up $1.47 during mid-day trading on Friday, reaching $49.07. The company had a trading volume of 661,656 shares, compared to its average volume of 1,395,423. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a 50 day simple moving average of $44.63 and a two-hundred day simple moving average of $49.78. The stock has a market cap of $6.82 billion, a P/E ratio of 16.09, a PEG ratio of 1.11 and a beta of 1.18. Synovus Financial has a 52-week low of $35.81 and a 52-week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Sell-side analysts predict that Synovus Financial will post 4.89 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Raymond James cut Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. reduced their price target on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Wells Fargo & Company reduced their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Truist Financial assumed coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 price target for the company. Finally, Barclays reduced their price target on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $56.56.

Hedge Funds Weigh In On Synovus Financial

A number of large investors have recently made changes to their positions in SNV. Goldman Sachs Group Inc. grew its position in shares of Synovus Financial by 78.2% in the first quarter. Goldman Sachs Group Inc. now owns 523,479 shares of the bank's stock valued at $24,467,000 after purchasing an additional 229,730 shares during the last quarter. Royal Bank of Canada grew its holdings in Synovus Financial by 51.2% in the 1st quarter. Royal Bank of Canada now owns 26,820 shares of the bank's stock valued at $1,254,000 after buying an additional 9,080 shares during the period. Finally, Focus Partners Wealth grew its holdings in Synovus Financial by 14.0% in the first quarter. Focus Partners Wealth now owns 17,616 shares of the bank's stock valued at $823,000 after purchasing an additional 2,169 shares during the period. Hedge funds and other 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.