Synovus Financial (NYSE:SNV) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Synovus Financial (NYSE:SNV) issued its quarterly earnings results on Tuesday. The bank reported $0.97 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.03), Bloomberg Earnings reports. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The business had revenue of $490.86 million for the quarter, compared to analyst estimates of $486.74 million. During the same quarter in the prior year, the firm earned $0.94 EPS. The firm’s quarterly revenue was up 35.1% compared to the same quarter last year.

Shares of SNV traded down $1.97 during mid-day trading on Tuesday, reaching $34.28. 59,304 shares of the company’s stock were exchanged, compared to its average volume of 1,073,613. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.51. The company has a 50-day simple moving average of $35.57 and a two-hundred day simple moving average of $35.27. Synovus Financial has a 52-week low of $29.93 and a 52-week high of $42.25. The company has a market cap of $5.38 billion, a price-to-earnings ratio of 9.43, a PEG ratio of 1.11 and a beta of 1.34.

The firm also recently disclosed a — dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a dividend yield of 3.3%. Synovus Financial’s dividend payout ratio (DPR) is 32.97%.

In other news, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $35.72, for a total transaction of $178,600.00. Following the completion of the transaction, the vice president now directly owns 60,289 shares of the company’s stock, valued at approximately $2,153,523.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.00% of the company’s stock.

SNV has been the topic of several research reports. Evercore ISI raised Synovus Financial from an “in-line” rating to an “outperform” rating in a report on Thursday, August 8th. Stephens reiterated a “buy” rating and set a $42.00 price target on shares of Synovus Financial in a research report on Friday, October 11th. Morgan Stanley reduced their price target on shares of Synovus Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. ValuEngine upgraded shares of Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 27th. Finally, Hovde Group upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $40.00 to $42.00 in a research report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $42.75.

Synovus Financial Company Profile

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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Earnings History for Synovus Financial (NYSE:SNV)

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