Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Thursday, September 2nd, RTT News reports. Investors of record on Thursday, September 16th will be given a dividend of 0.33 per share by the bank on Friday, October 1st. This represents a $1.32 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Wednesday, September 15th.
Synovus Financial has increased its dividend payment by 120.0% over the last three years. Synovus Financial has a dividend payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Synovus Financial to earn $4.09 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 32.3%.
SNV stock opened at $40.83 on Tuesday. The business has a fifty day moving average of $42.40 and a two-hundred day moving average of $45.20. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.26. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 10.47, a price-to-earnings-growth ratio of 1.12 and a beta of 1.62. Synovus Financial has a 52-week low of $19.39 and a 52-week high of $50.51.
In other Synovus Financial news, EVP Mark G. Holladay sold 1,500 shares of the company’s stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $43.13, for a total value of $64,695.00. Following the completion of the transaction, the executive vice president now directly owns 59,799 shares of the company’s stock, valued at approximately $2,579,130.87. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.11% of the company’s stock.
A hedge fund recently raised its stake in Synovus Financial stock. Morgan Stanley raised its position in Synovus Financial Corp. (NYSE:SNV) by 14.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,487,883 shares of the bank’s stock after buying an additional 190,830 shares during the period. Morgan Stanley owned approximately 1.02% of Synovus Financial worth $65,288,000 at the end of the most recent quarter. 76.40% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on SNV. Piper Sandler boosted their price target on Synovus Financial from $54.50 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, June 3rd. Zacks Investment Research lowered Synovus Financial from a “strong-buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research note on Monday, June 7th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $45.15.
About Synovus Financial
Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.
Featured Article: Strangles
Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.