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

Synovus Financial Corp. (NYSE:SNV) – Equities researchers at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Synovus Financial in a research note issued to investors on Monday, April 22nd. DA Davidson analyst G. Tenner expects that the bank will post earnings of $0.95 per share for the quarter. DA Davidson has a “Buy” rating and a $43.00 price objective 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.

Other research analysts have also issued research reports about the company. The Goldman Sachs Group reduced their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $38.00 price target (down previously from $46.00) on shares of Synovus Financial in a research note on Friday. UBS Group raised their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, January 23rd. Finally, Piper Sandler dropped their target price on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.18.

Synovus Financial Price Performance

SNV stock opened at $35.68 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50 day moving average price of $37.88 and a 200-day moving average price of $34.69. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The firm has a market capitalization of $5.22 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 3.83 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data 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). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period in the previous year, the firm posted $1.33 earnings per share. The business’s revenue was down 12.4% compared to the same quarter last year.

Hedge Funds Weigh In On Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP increased its holdings in Synovus Financial by 56.9% during the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares during the last quarter. Channing Capital Management LLC bought a new stake in shares of Synovus Financial during the 4th quarter valued at $72,201,000. Norges Bank purchased a new stake in shares of Synovus Financial in the 4th quarter worth $59,941,000. North Reef Capital Management LP increased its stake in shares of Synovus Financial by 52.7% in the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after purchasing an additional 1,548,370 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Synovus Financial by 24.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after purchasing an additional 1,016,231 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.81% of the stock is owned by corporate insiders.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

About Synovus Financial

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.