Synovus Financial Corp. (NYSE:SNV) to Issue Quarterly Dividend of $0.39

Synovus Financial Corp. (NYSE:SNV) 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 annualized dividend and a dividend yield of 3.08%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38.

Synovus Financial has raised its dividend payment by an average of 4.8% annually over the last three years. Synovus Financial has a dividend payout ratio of 27.9% meaning 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 Performance

NYSE SNV traded down $1.23 on Monday, hitting $50.65. 1,232,635 shares of the stock traded hands, compared to its average volume of 1,310,377. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The business’s fifty day moving average is $53.68 and its two-hundred day moving average is $50.81. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92. The firm has a market capitalization of $7.14 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 1.11 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the prior year, the company earned $0.80 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts anticipate that Synovus Financial will post 4.89 EPS for the current fiscal year.

Analyst Ratings Changes

SNV has been the subject of several recent research reports. Barclays lifted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective for the company. The Goldman Sachs Group boosted their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Piper Sandler raised their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Finally, Stephens reiterated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.