Synovus Financial (NYSE:SNV) released its quarterly earnings on July 17. The bank reported earnings of $1.16 per share, surpassing the expected $0.96 by $0.20. It had a net margin of 8.40% and a return on equity of 12.76%. Revenue for the quarter was $563.60 million, higher than the $543.52 million forecasted. Revenue decreased by 0.7% compared to the same quarter last year. Analysts predict Synovus will earn $4 per share this fiscal year and $5 next year.
Stock Update
As of Tuesday, SNV stock is trading at $46.54. The company has a quick ratio of 0.89, a current ratio of 0.90, and a debt-to-equity ratio of 0.50. Its 52-week range is $24.40 to $47.83. Synovus has a market cap of $6.82 billion, a P/E ratio of 15.94, and a beta of 1.38.
Dividend Announcement
Synovus recently declared a quarterly dividend of $0.38, paid on October 1 to shareholders who were on record as of September 19. This translates to an annual yield of 3.27% with a payout ratio of 52.05%.
Analyst Ratings
Several analysts have updated their ratings on SNV. Truist Financial raised its target from $50 to $52 with a “buy” rating. StockNews.com downgraded Synovus from “hold” to “sell.” Overall, the stock has 1 sell, 6 holds, and 11 buy ratings, with an average target price of $47.94.
Insider Trading
EVP Thomas T. Dierdorff sold 614 shares at $46.20 on July 24. He now holds 14,833 shares valued at around $685,284.
About Synovus Financial
Synovus Financial Corp. is a bank holding company providing various banking services through Synovus Bank, operating in segments like Community Banking and Wholesale Banking.
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