DA Davidson Brokers Decrease Earnings Estimates for Synovus Financial Corp. (NYSE:SNV)

Synovus Financial Corp. (NYSE:SNV) – Equities researchers at DA Davidson reduced their Q3 2024 EPS estimates for shares of Synovus Financial in a research report issued on Thursday, October 3rd. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings per share of $1.08 for the quarter, down from their prior forecast of $1.11. DA Davidson currently has a “Buy” rating and a $55.00 price objective on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $4.20 per share.

Several other equities research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. Evercore ISI dropped their target price on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a research report on Wednesday. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Barclays upped their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, Truist Financial lifted their target price on Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $47.44.

Synovus Financial Stock Performance

NYSE:SNV opened at $42.74 on Friday. The firm has a market capitalization of $6.15 billion, a PE ratio of 14.64, a PEG ratio of 3.20 and a beta of 1.38. The stock’s fifty day moving average is $44.01 and its 200 day moving average is $40.73. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $47.83. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.20. The company had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.16 earnings per share.

Hedge Funds Weigh In On Synovus Financial

Large investors have recently made changes to their positions in the business. SG Americas Securities LLC increased its position in Synovus Financial by 21.6% during the 3rd quarter. SG Americas Securities LLC now owns 11,307 shares of the bank’s stock valued at $503,000 after buying an additional 2,007 shares in the last quarter. Dana Investment Advisors Inc. grew its stake in shares of Synovus Financial by 0.7% during the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after acquiring an additional 254 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Synovus Financial by 6.0% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 112,937 shares of the bank’s stock valued at $4,539,000 after acquiring an additional 6,349 shares in the last quarter. Creative Planning raised its position in shares of Synovus Financial by 18.3% in the 2nd quarter. Creative Planning now owns 43,392 shares of the bank’s stock valued at $1,744,000 after purchasing an additional 6,710 shares during the last quarter. Finally, Algert Global LLC boosted its stake in Synovus Financial by 5.2% in the 2nd quarter. Algert Global LLC now owns 172,216 shares of the bank’s stock worth $6,921,000 after purchasing an additional 8,436 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.81% of the company’s stock.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 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.