Equities Analysts Issue Forecasts for SNV Q4 Earnings

Synovus Financial Corp. (NYSE:SNV - Free Report) - Equities research analysts at DA Davidson issued their Q4 2024 earnings estimates for Synovus Financial in a report issued on Friday, October 18th. DA Davidson analyst G. Tenner anticipates that the bank will earn $1.11 per share for the quarter. DA Davidson has a "Buy" rating and a $60.00 price objective on the stock. The consensus estimate for Synovus Financial's current full-year earnings is $4.04 per share.

A number of other research firms also recently issued reports on SNV. Wells Fargo & Company lowered Synovus Financial from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. StockNews.com upgraded shares of Synovus Financial from a "sell" rating to a "hold" rating in a report on Friday. Truist Financial increased their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a research note on Monday. Morgan Stanley boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Monday. Finally, Raymond James raised Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 target price on the stock in a research report on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $51.88.

Synovus Financial Trading Down 3.3 %

Shares of NYSE SNV traded down $1.67 during midday trading on Monday, hitting $48.88. The company's stock had a trading volume of 2,185,250 shares, compared to its average volume of 1,410,612. The business's 50 day moving average is $44.49 and its two-hundred day moving average is $41.33. The firm has a market cap of $7.04 billion, a P/E ratio of 22.26, a price-to-earnings-growth ratio of 2.36 and a beta of 1.38. 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 has a 12-month low of $24.40 and a 12-month high of $51.69.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company's revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 EPS.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its stake in shares of Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank's stock worth $167,000 after acquiring an additional 229 shares during the period. Fifth Third Bancorp grew its position in Synovus Financial by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank's stock worth $151,000 after purchasing an additional 245 shares during the period. Dana Investment Advisors Inc. raised its stake in shares of Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank's stock valued at $1,437,000 after buying an additional 254 shares during the last quarter. Pitcairn Co. lifted its holdings in shares of Synovus Financial by 2.3% in the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank's stock valued at $462,000 after buying an additional 261 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank's stock worth $76,000 after buying an additional 298 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company's stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now directly owns 14,833 shares of the company's stock, valued at $685,284.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.81% of the company's stock.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.11%. Synovus Financial's dividend payout ratio is currently 68.78%.

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.