Synovus Financial (NYSE:SNV) issued its earnings results on Tuesday. The bank reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.01, Morningstar.com reports. The business had revenue of $487.90 million during the quarter, compared to the consensus estimate of $482.13 million. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The company’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.92 EPS.
NYSE SNV opened at $35.11 on Thursday. Synovus Financial has a 1-year low of $29.93 and a 1-year high of $55.42. The stock has a market cap of $5.54 billion, a P/E ratio of 9.13, a P/E/G ratio of 1.09 and a beta of 1.31. The company has a 50 day moving average price of $33.87. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.51.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Thursday, June 20th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend was Wednesday, June 19th. Synovus Financial’s payout ratio is currently 32.97%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Synovus Financial Corp increased its stake in Synovus Financial by 1.4% in the 1st quarter. Synovus Financial Corp now owns 6,081,527 shares of the bank’s stock valued at $208,973,000 after purchasing an additional 85,903 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Synovus Financial by 32.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock worth $70,065,000 after buying an additional 530,991 shares in the last quarter. Two Sigma Investments LP increased its position in Synovus Financial by 188.6% during the fourth quarter. Two Sigma Investments LP now owns 1,956,752 shares of the bank’s stock worth $62,596,000 after buying an additional 1,278,824 shares in the last quarter. Geode Capital Management LLC increased its position in Synovus Financial by 48.5% during the fourth quarter. Geode Capital Management LLC now owns 1,615,735 shares of the bank’s stock worth $51,686,000 after buying an additional 528,022 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Synovus Financial by 427.9% during the first quarter. The Manufacturers Life Insurance Company now owns 1,474,364 shares of the bank’s stock worth $50,659,000 after buying an additional 1,195,084 shares in the last quarter. 82.17% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on SNV. Royal Bank of Canada reissued a “hold” rating and set a $0.35 target price on shares of DB Commodity Double Short ETN in a research note on Friday, July 12th. Stephens reissued a “buy” rating and set a $43.00 target price on shares of PacWest Bancorp in a research note on Tuesday. Finally, Raymond James set a C$80.00 target price on West Fraser Timber and gave the stock a “strong-buy” rating in a research note on Tuesday, June 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $44.52.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
Recommended Story: Why is Cost of Capital Important?
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.