Synovus Financial Corp. (NYSE:SNV) to Post Q2 2023 Earnings of $1.22 Per Share, DA Davidson Forecasts

Posted by Defense World Staff on Apr 24th, 2023

Synovus Financial Corp. (NYSE:SNV – Get Rating) – Equities research analysts at DA Davidson issued their Q2 2023 earnings per share (EPS) estimates for shares of Synovus Financial in a research note issued on Friday, April 21st. DA Davidson analyst K. Fitzsimmons expects that the bank will post earnings of $1.22 per share for the quarter. The consensus estimate for Synovus Financial’s current full-year earnings is $4.64 per share.

A number of other equities analysts have also recently commented on the company. Morgan Stanley decreased their target price on Synovus Financial from $44.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 5th. Truist Financial decreased their price target on Synovus Financial from $48.00 to $35.00 in a report on Thursday, March 23rd. TheStreet cut Synovus Financial from a “b” rating to a “c+” rating in a report on Wednesday, March 22nd. StockNews.com assumed coverage on Synovus Financial in a report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, UBS Group assumed coverage on Synovus Financial in a report on Wednesday, March 15th. They issued a “neutral” rating and a $33.00 target price on the stock. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.50.

Synovus Financial Stock Down 1.3 %

SNV stock opened at $30.99 on Monday. The business has a 50 day moving average of $34.43 and a 200 day moving average of $37.95. The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 1.22. Synovus Financial has a twelve month low of $27.08 and a twelve month high of $46.34. The firm has a market cap of $4.53 billion, a PE ratio of 6.01, a price-to-earnings-growth ratio of 2.21 and a beta of 1.33.

Synovus Financial (NYSE:SNV – Get Rating) last issued its earnings results on Wednesday, April 19th. The bank reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.11. The company had revenue of $613.90 million during the quarter, compared to analysts’ expectations of $589.40 million. Synovus Financial had a return on equity of 19.92% and a net margin of 28.04%. Synovus Financial’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.08 EPS.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Thursday, March 16th were paid a $0.38 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Wednesday, March 15th. This represents a $1.52 dividend on an annualized basis and a yield of 4.90%. Synovus Financial’s payout ratio is 29.46%.

Insider Buying and Selling

In other news, EVP Thomas T. Dierdorff sold 1,947 shares of the business’s stock in a transaction on Friday, February 10th. The shares were sold at an average price of $43.36, for a total transaction of $84,421.92. Following the sale, the executive vice president now directly owns 9,314 shares of the company’s stock, valued at $403,855.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pitcairn Co. grew its stake in shares of Synovus Financial by 2.2% during the fourth quarter. Pitcairn Co. now owns 10,964 shares of the bank’s stock worth $412,000 after purchasing an additional 236 shares in the last quarter. Welch Group LLC grew its position in Synovus Financial by 0.4% during the fourth quarter. Welch Group LLC now owns 62,590 shares of the bank’s stock worth $2,350,000 after buying an additional 250 shares during the period. American Trust grew its position in Synovus Financial by 2.9% during the fourth quarter. American Trust now owns 9,208 shares of the bank’s stock worth $346,000 after buying an additional 258 shares during the period. Profund Advisors LLC grew its position in shares of Synovus Financial by 4.6% in the fourth quarter. Profund Advisors LLC now owns 7,191 shares of the bank’s stock valued at $270,000 after purchasing an additional 317 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares during the last quarter. Institutional investors and hedge funds own 79.89% of the company’s stock.

Synovus Financial Company Profile

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Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.