Synovus Financial Corp. (NYSE:SNV) to Post Q2 2024 Earnings of $0.95 Per Share, DA Davidson Forecasts

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at DA Davidson issued their Q2 2024 EPS estimates for Synovus Financial in a report issued on Monday, April 22nd. DA Davidson analyst G. Tenner expects that the bank will earn $0.95 per share for the quarter. DA Davidson has a “Buy” rating and a $43.00 price objective on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $3.97 per share. DA Davidson also issued estimates for Synovus Financial’s FY2024 earnings at $3.88 EPS.

SNV has been the topic of a number of other reports. Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, April 18th. Evercore ISI raised their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Morgan Stanley restated an “equal weight” rating and issued a $37.00 price target on shares of Synovus Financial in a research note on Monday. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. Finally, UBS Group raised their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $41.18.

Synovus Financial Trading Up 2.2 %

SNV opened at $35.68 on Tuesday. The company’s 50 day moving average is $37.88 and its 200-day moving average is $34.69. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a market cap of $5.22 billion, a P/E ratio of 12.22, a PEG ratio of 3.83 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. During the same quarter in the previous year, the business posted $1.33 earnings per share. The company’s revenue for the quarter was down 12.4% on a year-over-year basis.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 4.26%. Synovus Financial’s payout ratio is 52.05%.

Insider Activity at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its holdings in Synovus Financial by 10.0% in the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after acquiring an additional 977,155 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after acquiring an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Synovus Financial by 24.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after acquiring an additional 1,016,231 shares in the last quarter. North Reef Capital Management LP boosted its holdings in Synovus Financial by 52.7% in the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Synovus Financial by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock worth $140,440,000 after acquiring an additional 21,041 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

About Synovus Financial

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.