DA Davidson Brokers Increase Earnings Estimates for SNV

Synovus Financial Corp. (NYSE:SNV - Free Report) - Investment analysts at DA Davidson raised their FY2024 earnings estimates for Synovus Financial in a research note issued to investors on Thursday, December 12th. DA Davidson analyst G. Tenner now expects that the bank will post earnings per share of $4.37 for the year, up from their prior estimate of $4.33. DA Davidson has a "Buy" rating and a $60.00 price target on the stock. The consensus estimate for Synovus Financial's current full-year earnings is $4.37 per share. DA Davidson also issued estimates for Synovus Financial's Q4 2024 earnings at $1.15 EPS.

A number of other equities analysts also recently weighed in on the stock. Bank of America upped their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. The Goldman Sachs Group upped their target price on Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Barclays lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Stephens increased their price objective on Synovus Financial from $46.00 to $52.00 and gave the stock an "equal weight" rating in a report on Friday, October 18th. Finally, Morgan Stanley lifted their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research note on Monday, October 21st. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $56.00.

Synovus Financial Stock Down 1.0 %

SNV stock traded down $0.54 during midday trading on Friday, reaching $54.15. The company had a trading volume of 1,128,180 shares, compared to its average volume of 1,392,734. The company has a 50 day moving average of $52.71 and a two-hundred day moving average of $45.82. The company has a market capitalization of $7.67 billion, a P/E ratio of 24.50, a PEG ratio of 1.64 and a beta of 1.38. Synovus Financial has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

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

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be paid a $0.38 dividend. The ex-dividend date is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.81%. Synovus Financial's payout ratio is presently 68.78%.

Institutional Trading of Synovus Financial

Hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new position in Synovus Financial in the 3rd quarter worth approximately $30,000. UMB Bank n.a. increased its position in Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank's stock worth $33,000 after acquiring an additional 348 shares during the period. Quarry LP acquired a new position in Synovus Financial during the 3rd quarter valued at $41,000. Innealta Capital LLC acquired a new position in Synovus Financial during the 2nd quarter valued at $43,000. Finally, Headlands Technologies LLC boosted its holdings in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank's stock valued at $55,000 after purchasing an additional 1,105 shares during the period. Institutional investors own 83.85% of the company's stock.

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.