Synovus Financial Corp. (SNV) to Issue Quarterly Dividend of $0.38 on July 1st

Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Monday, June 3rd, Zacks reports. Stockholders of record on Thursday, June 20th will be given a dividend of 0.38 per share by the bank on Monday, July 1st. This represents a $1.52 annualized dividend and a dividend yield of 4.08%. The ex-dividend date is Thursday, June 20th.

Synovus Financial has raised its dividend by an average of 4.8% annually over the last three years. Synovus Financial has a payout ratio of 34.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $4.47 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 34.0%.

Synovus Financial Price Performance

SNV opened at $37.24 on Tuesday. The stock has a fifty day moving average of $37.90 and a 200-day moving average of $37.56. The firm has a market capitalization of $5.45 billion, a P/E ratio of 12.75, a PEG ratio of 4.94 and a beta of 1.41. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. Synovus Financial’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 earned $1.33 EPS. Equities analysts forecast that Synovus Financial will post 3.82 EPS for the current fiscal year.

Analyst Ratings Changes

SNV has been the subject of a number of research analyst reports. Bank of America reduced their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, April 19th. Morgan Stanley reiterated an “equal weight” rating and set a $37.00 price objective on shares of Synovus Financial in a report on Monday, April 22nd. Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Barclays cut their price objective on Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. Finally, Piper Sandler cut their price objective on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $41.50.

Insiders Place Their Bets

In other Synovus Financial news, EVP D Wayne Akins, Jr. bought 24,500 shares of the stock in a transaction on Friday, June 7th. The shares were purchased at an average cost of $37.40 per share, with a total value of $916,300.00. Following the completion of the transaction, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Synovus Financial news, EVP D Wayne Akins, Jr. bought 24,500 shares of the stock in a transaction on Friday, June 7th. The shares were purchased at an average cost of $37.40 per share, with a total value of $916,300.00. Following the completion of the transaction, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the sale, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The disclosure for this sale can be found here. Insiders have sold 179,712 shares of company stock valued at $4,528,878 over the last three months. 0.81% of the stock is currently owned by insiders.

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.