Synovus Financial Corp. (NYSE:SNV) to Post Q2 2024 Earnings of $0.95 Per Share, DA Davidson Forecasts

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at DA Davidson issued their Q2 2024 EPS estimates for Synovus Financial in a report issued on Monday, April 22nd. DA Davidson analyst G. Tenner anticipates that the bank will earn $0.95 per share for the quarter. DA Davidson currently has a “Buy” rating and a $43.00 target price on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $3.97 per share. DA Davidson also issued estimates for Synovus Financial’s FY2024 earnings at $3.88 EPS.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS.

Other research analysts have also recently issued research reports about the company. Morgan Stanley reissued an “equal weight” rating and issued a $37.00 target price on shares of Synovus Financial in a research note on Monday. Wells Fargo & Company reduced their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. JPMorgan Chase & Co. reduced their target price on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Finally, Bank of America reduced their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.18.

Synovus Financial Stock Up 2.7 %

SNV opened at $36.63 on Tuesday. The stock has a market cap of $5.36 billion, a PE ratio of 12.54, a P/E/G ratio of 3.83 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 0.45. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The business’s fifty day simple moving average is $37.91 and its 200 day simple moving average is $34.76.

Institutional Trading of Synovus Financial

Institutional investors have recently modified their holdings of the company. Phocas Financial Corp. purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $7,115,000. American Century Companies Inc. boosted its holdings in shares of Synovus Financial by 46.0% during the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock worth $26,631,000 after purchasing an additional 301,604 shares during the period. Prudential PLC purchased a new stake in shares of Synovus Financial during the third quarter worth about $1,025,000. rhino investment partners Inc purchased a new stake in shares of Synovus Financial during the third quarter worth about $5,984,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Synovus Financial by 228.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,828 shares of the bank’s stock worth $1,951,000 after purchasing an additional 36,047 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. 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 4.15%. Synovus Financial’s dividend payout ratio is currently 52.05%.

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.