Synovus Financial (NYSE:SNV) Issues Earnings Results, Beats Estimates By $0.09 EPS

Synovus Financial (NYSE:SNV) announced its quarterly earnings data on Wednesday. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09, Zacks reports. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%.

Synovus Financial Price Performance

Shares of SNV traded up $2.27 during mid-day trading on Wednesday, reaching $55.94. The stock had a trading volume of 2,138,681 shares, compared to its average volume of 1,306,353. The business has a fifty day moving average of $54.36 and a 200 day moving average of $48.11. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a market cap of $7.92 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 1.58 and a beta of 1.39. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s payout ratio is 68.78%.

Analysts Set New Price Targets

SNV has been the topic of a number of recent analyst reports. Bank of America increased their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. Evercore ISI upped their price target on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Finally, The Goldman Sachs Group upped their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

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.