Synovus Financial Corp. (SNV) To Go Ex-Dividend on March 20th

Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Monday, March 3rd, RTT News reports. Stockholders of record on Thursday, March 20th will be given a dividend of 0.39 per share by the bank on Tuesday, April 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Thursday, March 20th. This is a 2.6% increase from Synovus Financial’s previous quarterly dividend of $0.38.

Synovus Financial has increased its dividend by an average of 4.8% annually over the last three years. Synovus Financial has a dividend payout ratio of 28.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $5.45 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 28.6%.

Synovus Financial Trading Up 1.6 %

NYSE:SNV opened at $46.43 on Tuesday. The company’s 50 day moving average price is $52.56 and its 200-day moving average price is $50.95. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 15.22, a PEG ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.80 earnings per share. On average, equities research analysts forecast that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SNV shares. Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. Citigroup lifted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price objective for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective on the stock. Finally, The Goldman Sachs Group upped their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.67.

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.