Synovus Financial (NYSE:SNV) Shares Gap Down After Earnings Miss

Synovus Financial Corp. (NYSE:SNV) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $36.62, but opened at $33.85. Synovus Financial shares last traded at $33.92, with a volume of 842,605 shares.

The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the previous year, the business posted $1.33 earnings per share. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders 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 dividend yield of 4.43%. Synovus Financial’s dividend payout ratio (DPR) is presently 43.93%.

Wall Street Analysts Forecast Growth

SNV has been the subject of a number of analyst reports. Evercore ISI raised their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. 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 research report on Monday, April 8th. Raymond James cut Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday. Royal Bank of Canada boosted their price target on Synovus Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods increased their price objective on Synovus Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus price target of $41.50.

Insider Activity

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

Institutional Investors Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently bought and sold shares of SNV. Allworth Financial LP boosted its stake in shares of Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Synovus Financial in the fourth quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in Synovus Financial during the 4th quarter valued at approximately $30,000. Lazard Asset Management LLC raised its holdings in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after purchasing an additional 318 shares during the last quarter. Finally, First Command Advisory Services Inc. bought a new stake in shares of Synovus Financial in the 3rd quarter valued at $33,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Down 6.2 %

The stock’s 50-day simple moving average is $37.96 and its 200 day simple moving average is $34.46. The firm has a market cap of $5.03 billion, a P/E ratio of 9.86, a PEG ratio of 3.93 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

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.