Synovus Financial Corp. (NYSE:SNV) Announces $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 3.27%. The ex-dividend date is Wednesday, June 18th.

Synovus Financial has increased its dividend by an average of 4.8% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Synovus Financial has a payout ratio of 28.8% indicating that its dividend is sufficiently covered by earnings. 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 0.1%

Synovus Financial stock traded up $0.06 during midday trading on Thursday, reaching $47.65. The stock had a trading volume of 298,137 shares, compared to its average volume of 1,395,237. The stock has a market capitalization of $6.62 billion, a P/E ratio of 15.62, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18. The firm's fifty day simple moving average is $44.55 and its 200-day simple moving average is $49.88. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial has a 1-year low of $35.81 and a 1-year high of $59.92.

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

Institutional Trading of Synovus Financial

Several hedge funds and other institutional investors have recently bought and sold shares of SNV. Focus Partners Wealth raised its holdings in shares of Synovus Financial by 14.0% in the first quarter. Focus Partners Wealth now owns 17,616 shares of the bank's stock worth $823,000 after buying an additional 2,169 shares during the period. Royal Bank of Canada grew its position 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 acquiring an additional 9,080 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Synovus Financial by 78.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 523,479 shares of the bank's stock valued at $24,467,000 after acquiring an additional 229,730 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on SNV shares. JPMorgan Chase & Co. dropped their price target on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Barclays reduced their price objective on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Stephens lowered their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Jefferies Financial Group began coverage on Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price for the company. Finally, Wells Fargo & Company decreased their price target on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.

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.