Synovus Financial (NYSE:SNV) announced its earnings results on Tuesday. The bank reported $1.00 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.01, Morningstar.com reports. Synovus Financial had a return on equity of 15.58% and a net margin of 24.36%. The firm had revenue of $487.90 million during the quarter, compared to analysts’ expectations of $482.13 million. During the same quarter in the previous year, the business earned $0.92 EPS. The company’s quarterly revenue was up 36.2% on a year-over-year basis.
Shares of NYSE SNV opened at $35.16 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.48. The firm’s fifty day moving average price is $33.85. The company has a market cap of $5.42 billion, a price-to-earnings ratio of 9.66, a PEG ratio of 1.07 and a beta of 1.31. Synovus Financial has a twelve month low of $29.93 and a twelve month high of $55.42.
The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend was Wednesday, June 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 32.97%.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund raised its position in Synovus Financial by 1.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 67,099 shares of the bank’s stock valued at $2,348,000 after purchasing an additional 910 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV raised its position in Synovus Financial by 12.3% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 15,968 shares of the bank’s stock valued at $559,000 after purchasing an additional 1,750 shares in the last quarter. Hexavest Inc. bought a new stake in Synovus Financial during the 2nd quarter valued at $252,000. Scout Investments Inc. bought a new stake in Synovus Financial during the 2nd quarter valued at $8,723,000. Finally, Crossmark Global Holdings Inc. raised its position in Synovus Financial by 5.7% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 12,549 shares of the bank’s stock valued at $439,000 after purchasing an additional 678 shares in the last quarter. 82.17% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on SNV shares. Royal Bank of Canada reissued a “hold” rating and set a $0.35 price target on shares of DB Commodity Double Short ETN in a research note on Friday, July 12th. Raymond James set a C$80.00 price target on West Fraser Timber and gave the stock a “strong-buy” rating in a research note on Tuesday, June 18th. Finally, Stephens reissued a “buy” rating and set a $43.00 price target on shares of PacWest Bancorp in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Synovus Financial currently has a consensus rating of “Buy” and a consensus target price of $44.52.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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