Synovus Financial (NYSE:SNV) Releases Quarterly Earnings Results, Misses Expectations By $0.20 EPS

Synovus Financial (NYSE:SNV) posted its earnings results on Wednesday. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20), Briefing.com reports. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period in the prior year, the company posted $1.33 EPS. The firm’s revenue was down 12.4% compared to the same quarter last year.

Synovus Financial Stock Down 0.1 %

Shares of SNV opened at $36.60 on Thursday. The business’s 50 day moving average is $37.96 and its 200 day moving average is $34.46. The company has a market capitalization of $5.36 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 3.93 and a beta of 1.40. Synovus Financial has a 12-month low of $24.40 and a 12-month 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 0.42.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 4.15%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 43.93%.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors have recently added to or reduced their stakes in SNV. Raymond James Financial Services Advisors Inc. grew its holdings in Synovus Financial by 10.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock valued at $729,000 after buying an additional 1,401 shares in the last quarter. Private Advisor Group LLC purchased a new position in Synovus Financial during the 1st quarter valued at approximately $419,000. PNC Financial Services Group Inc. grew its holdings in Synovus Financial by 10.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock valued at $561,000 after buying an additional 1,109 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in Synovus Financial by 10.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock valued at $4,147,000 after buying an additional 7,682 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in Synovus Financial during the 1st quarter valued at approximately $74,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SNV shares. Morgan Stanley increased their target price on Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. Wells Fargo & Company increased their target price on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. Barclays started coverage on Synovus Financial in a report on Friday, March 8th. They issued an “equal weight” rating and a $42.00 target price on the stock. Finally, Jefferies Financial Group lowered their target price on Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.50.

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.