Synovus Financial (NYSE:SNV – Get Free Report) announced its quarterly earnings data on Wednesday. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14, Briefing.com reports. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.84 earnings per share. Synovus Financial updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.
Synovus Financial Stock Up 5.1 %
Synovus Financial stock opened at $50.85 on Friday. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $51.69. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market capitalization of $7.45 billion, a P/E ratio of 17.41, a PEG ratio of 2.18 and a beta of 1.38. The stock has a 50-day simple moving average of $44.31 and a 200-day simple moving average of $41.21.
Synovus Financial Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is currently 52.05%.
Insider Activity
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on the company. Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $48.00 to $46.00 in a report on Tuesday, October 1st. JPMorgan Chase & Co. dropped their price objective on Synovus Financial from $55.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Barclays raised their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Morgan Stanley raised their target price on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, Keefe, Bruyette & Woods raised their target price on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.94.
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.
Further Reading
- Five stocks we like better than Synovus Financial
- How to Calculate Options Profits
- AI Boom Fuels Demand for Dominion Energy Stock
- Learn Technical Analysis Skills to Master the Stock Market
- Cathie Wood Cuts Robinhood Holdings—Follow Her Lead or Stay Put?
- Stocks with Unusual Volume: How to Find Unusual Volume Stocks in Real Time
- Wave Life Sciences Rockets 70% on Historic RNA Editing Success
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.