Synovus Financial Corp. (NYSE:SNV) Plans Dividend Increase - $0.39 Per Share

Synovus Financial Corp. (NYSE:SNV - Get Free Report) announced a quarterly dividend on Monday, March 3rd, RTT News reports. Stockholders of record on Thursday, March 20th will be paid a dividend of 0.39 per share by the bank on Tuesday, April 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend is Thursday, March 20th. This is a 2.6% increase from Synovus Financial's previous quarterly dividend of $0.38.

Synovus Financial has raised its dividend by an average of 4.8% per year over the last three years. Synovus Financial has a payout ratio of 27.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Synovus Financial to earn $5.45 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 27.9%.

Synovus Financial Stock Down 1.4 %

Shares of SNV traded down $0.64 during mid-day trading on Friday, reaching $46.18. The company had a trading volume of 629,876 shares, compared to its average volume of 1,308,210. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of 15.16, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The firm has a 50-day moving average price of $53.56 and a 200 day moving average price of $50.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

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Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to analysts' expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business's revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.80 EPS. On average, sell-side analysts forecast that Synovus Financial will post 4.89 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wells Fargo & Company raised their price target on Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Barclays raised their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. The Goldman Sachs Group boosted their price objective on Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Finally, Stephens restated an "equal weight" rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $58.44.

Synovus Financial Company Profile

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.