Synovus Financial Corp. Expected to Earn Q2 2024 Earnings of $0.95 Per Share (NYSE:SNV)

Synovus Financial Corp. (NYSE:SNV) – Research analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for shares of Synovus Financial in a research note issued to investors on Monday, April 22nd. DA Davidson analyst G. Tenner expects that the bank will post earnings per share of $0.95 for the quarter. DA Davidson has a “Buy” rating and a $43.00 price target on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $3.79 per share. DA Davidson also issued estimates for Synovus Financial’s FY2024 earnings at $3.88 EPS.

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

Other analysts also recently issued research reports about the company. Morgan Stanley reissued an “equal weight” rating and issued a $37.00 price target on shares of Synovus Financial in a research note on Monday. Wells Fargo & Company reduced their price objective on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, April 19th. The Goldman Sachs Group reduced their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Evercore ISI boosted their price target on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Finally, Barclays lowered their price objective on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $41.38.

Synovus Financial Stock Performance

SNV stock opened at $36.82 on Tuesday. The business’s 50-day moving average price is $37.92 and its two-hundred day moving average price is $34.78. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The firm has a market cap of $5.39 billion, a PE ratio of 12.61, a P/E/G ratio of 4.09 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.13%. Synovus Financial’s payout ratio is 52.05%.

Institutional Trading of Synovus Financial

A number of institutional investors and hedge funds have recently bought and sold shares of SNV. Yousif Capital Management LLC boosted its position in Synovus Financial by 0.5% during the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after acquiring an additional 360 shares during the last quarter. Truist Financial Corp lifted its position in shares of Synovus Financial by 0.3% during the 4th quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock worth $4,559,000 after buying an additional 376 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Synovus Financial by 3.2% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 13,612 shares of the bank’s stock worth $378,000 after purchasing an additional 419 shares during the period. PFW Advisors LLC raised its holdings in shares of Synovus Financial by 5.4% in the 4th quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock worth $318,000 after purchasing an additional 433 shares during the period. Finally, Fifth Third Bancorp grew its stake in Synovus Financial by 12.6% in the 3rd quarter. Fifth Third Bancorp now owns 4,035 shares of the bank’s stock valued at $112,000 after buying an additional 452 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.