Synovus Financial (NYSE:SNV) Posts Earnings Results, Misses Estimates By $0.20 EPS

Synovus Financial (NYSE:SNV) posted its quarterly earnings results on Wednesday. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20), Briefing.com reports. The company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 earnings per share.

Synovus Financial Stock Performance

NYSE:SNV traded up $0.55 during midday trading on Friday, hitting $34.45. The company’s stock had a trading volume of 880,817 shares, compared to its average volume of 1,486,262. The firm has a market cap of $5.04 billion, a P/E ratio of 11.76, a P/E/G ratio of 3.93 and a beta of 1.40. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The firm’s 50 day moving average is $37.93 and its 200-day moving average is $34.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.41%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Bank of America cut their price target on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $38.00 target price (down from $46.00) on shares of Synovus Financial in a report on Friday. Raymond James cut shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday. Wells Fargo & Company decreased their price target on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday. Finally, UBS Group increased their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Synovus Financial presently has a consensus rating of “Hold” and an average price target of $41.19.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently added to or reduced their stakes in SNV. Norges Bank acquired a new stake in Synovus Financial in the 4th quarter valued at $55,365,000. Schonfeld Strategic Advisors LLC grew its stake in Synovus Financial by 591.4% in the 1st quarter. Schonfeld Strategic Advisors LLC now owns 1,146,116 shares of the bank’s stock valued at $35,335,000 after acquiring an additional 980,341 shares during the period. State Street Corp grew its stake in Synovus Financial by 15.7% in the 1st quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock valued at $216,502,000 after acquiring an additional 941,244 shares during the period. Barclays PLC grew its stake in Synovus Financial by 131.1% in the 4th quarter. Barclays PLC now owns 1,010,306 shares of the bank’s stock valued at $38,037,000 after acquiring an additional 573,180 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new stake in Synovus Financial in the 1st quarter valued at $20,823,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.