Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Wednesday, March 6th, Wall Street Journal reports. Investors of record on Thursday, March 21st will be paid a dividend of 0.30 per share by the bank on Monday, April 1st. This represents a $1.20 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Wednesday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.25.
Synovus Financial has raised its dividend payment by an average of 31.0% annually over the last three years and has raised its dividend every year for the last 5 years. Synovus Financial has a payout ratio of 33.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $4.34 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 27.6%.
Shares of SNV stock opened at $38.75 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $6.14 billion, a P/E ratio of 10.65, a P/E/G ratio of 1.22 and a beta of 1.27. Synovus Financial has a one year low of $29.93 and a one year high of $57.40.
Several analysts recently commented on the company. Bank of America reaffirmed a “buy” rating and issued a $48.00 price target (up previously from $40.00) on shares of Synovus Financial in a research note on Tuesday. TheStreet upgraded Synovus Financial from a “c+” rating to a “b-” rating in a research report on Thursday, February 28th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $49.00 price objective on shares of Synovus Financial in a research report on Sunday, February 24th. Raymond James reiterated a “buy” rating and issued a $44.00 price objective on shares of Synovus Financial in a research report on Thursday, February 21st. Finally, Piper Jaffray Companies upgraded Synovus Financial from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $44.00 to $45.00 in a research report on Tuesday, January 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $45.98.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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