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

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

Synovus Financial Stock Performance

Shares of SNV stock traded up $1.23 during trading hours on Friday, hitting $35.13. The stock had a trading volume of 1,399,192 shares, compared to its average volume of 1,494,072. The firm has a market capitalization of $5.14 billion, a PE ratio of 11.99, a PEG ratio of 3.93 and a beta of 1.40. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92. The stock’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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is currently 52.05%.

Analyst Ratings Changes

A number of research firms recently weighed in on SNV. UBS Group upped their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Wells Fargo & Company cut their target price on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday. Keefe, Bruyette & Woods restated a “market perform” rating and set a $38.00 target price (down from $46.00) on shares of Synovus Financial in a research note on Friday. DA Davidson cut their target price on shares of Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday. Finally, The Goldman Sachs Group cut their target price on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a research note on Friday. One equities 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 company’s stock. According to MarketBeat.com, Synovus Financial has a consensus rating of “Hold” and an average target price of $41.69.

Insider Activity

In related news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at $423,817.78. 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

Several hedge funds have recently modified their holdings of SNV. Price T Rowe Associates Inc. MD lifted its holdings in Synovus Financial by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 126,965 shares of the bank’s stock valued at $4,781,000 after acquiring an additional 3,780 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Synovus Financial in the fourth quarter valued at $538,000. Hanseatic Management Services Inc. acquired a new stake in Synovus Financial in the fourth quarter valued at $435,000. Barclays PLC lifted its holdings in Synovus Financial by 131.1% in the fourth 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, Profund Advisors LLC lifted its holdings in Synovus Financial by 19.8% in the fourth quarter. Profund Advisors LLC now owns 10,077 shares of the bank’s stock valued at $379,000 after acquiring an additional 1,668 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

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.