DA Davidson Boosts Earnings Estimates for Synovus Financial

Synovus Financial Corp. (NYSE:SNV) – Equities research analysts at DA Davidson increased their FY2024 earnings per share estimates for shares of Synovus Financial in a research note issued on Thursday, December 12th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $4.37 per share for the year, up from their previous forecast of $4.33. DA Davidson has a “Buy” rating and a $60.00 price objective on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $4.37 per share. DA Davidson also issued estimates for Synovus Financial’s Q4 2024 earnings at $1.15 EPS.

Several other equities analysts also recently issued reports on SNV. Stephens boosted their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Tuesday, September 17th. Truist Financial increased their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 price objective on the stock. Finally, The Goldman Sachs Group increased their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.00.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $54.16 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The firm has a 50-day simple moving average of $52.71 and a 200 day simple moving average of $45.87. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The company has a market cap of $7.67 billion, a PE ratio of 24.51, a P/E/G ratio of 1.58 and a beta of 1.38.

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

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Thursday, December 19th. Synovus Financial’s dividend payout ratio is 68.78%.

Institutional Trading of Synovus Financial

Large investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in Synovus Financial by 6.5% in the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after acquiring an additional 229 shares during the period. Fifth Third Bancorp increased its position in Synovus Financial by 7.0% during the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after acquiring an additional 245 shares during the period. Dana Investment Advisors Inc. raised its stake in Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after purchasing an additional 254 shares during the last quarter. Hanseatic Management Services Inc. grew its position in Synovus Financial by 2.6% in the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock worth $478,000 after purchasing an additional 303 shares during the last quarter. Finally, Wedmont Private Capital increased its holdings in shares of Synovus Financial by 3.8% during the 3rd quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock worth $394,000 after purchasing an additional 335 shares during the period. Institutional investors 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.