Brokers Issue Forecasts for SNV Q4 Earnings

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at DA Davidson issued their Q4 2024 earnings per share estimates for Synovus Financial in a note issued to investors on Friday, October 18th. DA Davidson analyst G. Tenner anticipates that the bank will post earnings per share of $1.11 for the quarter. DA Davidson currently has a “Buy” rating and a $60.00 target price on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $4.04 per share.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 earnings per share.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. Piper Sandler increased their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods boosted their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 9th. Finally, Royal Bank of Canada raised their price objective on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.88.

Synovus Financial Stock Performance

SNV opened at $49.09 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $7.19 billion, a price-to-earnings ratio of 16.81, a P/E/G ratio of 2.36 and a beta of 1.38. The business’s 50-day moving average price is $44.65 and its two-hundred day moving average price is $41.41. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $51.69.

Institutional Trading of Synovus Financial

Several hedge funds and other institutional investors have recently modified their holdings of SNV. GAMMA Investing LLC boosted its holdings in shares of Synovus Financial by 22.4% during the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after acquiring an additional 548 shares during the period. Cooper Financial Group bought a new stake in Synovus Financial in the 1st quarter valued at $203,000. Asio Capital LLC grew its holdings in Synovus Financial by 1.1% in the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock valued at $5,141,000 after buying an additional 1,428 shares in the last quarter. State of Michigan Retirement System increased its position in Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after buying an additional 800 shares during the period. Finally, Principal Financial Group Inc. increased its position in Synovus Financial by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock worth $22,053,000 after buying an additional 13,690 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is presently 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.