Synovus Financial Corp. (NYSE:SNV) to Post Q3 2024 Earnings of $1.08 Per Share, DA Davidson Forecasts

Synovus Financial Corp. (NYSE:SNV) – Equities researchers at DA Davidson decreased their Q3 2024 EPS estimates for shares of Synovus Financial in a research report issued to clients and investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $1.08 per share for the quarter, down from their previous estimate of $1.11. DA Davidson currently has a “Buy” rating and a $55.00 target price on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $4.20 per share.

Several other research analysts have also commented on the stock. Evercore ISI reduced their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Wells Fargo & Company lowered shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $48.00 to $46.00 in a research note on Tuesday. Jefferies Financial Group boosted their price objective on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Morgan Stanley boosted their price objective on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.44.

Synovus Financial Trading Up 2.6 %

NYSE SNV opened at $43.84 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The firm has a market cap of $6.31 billion, a PE ratio of 15.01, a price-to-earnings-growth ratio of 3.20 and a beta of 1.38. The company has a 50 day moving average price of $43.93 and a 200 day moving average price of $40.74. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.83.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating the consensus estimate of $0.96 by $0.20. The business had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.16 EPS.

Hedge Funds Weigh In On Synovus Financial

A number of large investors have recently added to or reduced their stakes in SNV. Innealta Capital LLC acquired a new position in Synovus Financial during the second quarter worth $43,000. Abich Financial Wealth Management LLC raised its position in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after buying an additional 371 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of Synovus Financial in the first quarter valued at about $51,000. Headlands Technologies LLC raised its position in shares of Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after buying an additional 1,105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.81% of the company’s stock.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend was Thursday, September 19th. 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.