Synovus Financial (NYSE:SNV) Posts Earnings Results, Beats Expectations By $0.24 EPS

Synovus Financial (NYSE:SNV - Get Free Report) issued its quarterly earnings results on Wednesday. The bank reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.24 by $0.24, Zacks reports. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%.

Synovus Financial Price Performance

SNV stock traded up $0.38 during trading hours on Wednesday, hitting $52.91. 1,552,268 shares of the stock traded hands, compared to its average volume of 1,365,271. The stock has a 50-day simple moving average of $49.83 and a 200 day simple moving average of $49.16. Synovus Financial has a one year low of $35.94 and a one year high of $59.92. The company has a market cap of $7.35 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.05 and a beta of 1.19. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.43.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 annualized dividend and a yield of 2.95%. Synovus Financial's dividend payout ratio is currently 43.70%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SNV shares. Truist Financial boosted their price objective on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Barclays boosted their price objective on Synovus Financial from $60.00 to $67.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada reduced their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Stephens reduced their price objective on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $59.35.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SNV. Goldman Sachs Group Inc. boosted its stake in Synovus Financial by 78.2% during the first quarter. Goldman Sachs Group Inc. now owns 523,479 shares of the bank's stock valued at $24,467,000 after buying an additional 229,730 shares in the last quarter. Royal Bank of Canada boosted its stake in Synovus Financial by 51.2% during the first 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 in the last quarter. Finally, Focus Partners Wealth boosted its stake in Synovus Financial by 14.0% during the first quarter. Focus Partners Wealth now owns 17,616 shares of the bank's stock valued at $823,000 after buying an additional 2,169 shares in the last quarter. 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.

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