Synovus Financial reported earnings of $1.23 per share, exceeding the expected $1.09 by $0.14. Their net margin was 8.40%, and return on equity was 12.76%. The company generated $564.72 million in revenue, surpassing the forecast of $557.64 million. Year over year, earnings per share increased from $0.84, and revenue grew by 2.6%.
Dividend Announcement
Synovus recently declared a quarterly dividend of $0.38, paid on October 1st to shareholders who were on record by September 19th. This amounts to an annual dividend of $1.52, yielding 3.01%, with a dividend payout ratio of 52.05%.
Analyst Ratings
Multiple analyst reports have recently surfaced. Bank of America raised its price target for Synovus from $48.00 to $57.00, giving it a “buy” rating. Keefe, Bruyette & Woods increased their target from $38.00 to $42.00 with a “market perform” rating. Jefferies Financial also raised their target to $47.00 with a “buy” rating. However, Wells Fargo downgraded their rating from “overweight” to “equal weight,” cutting the target to $46.00. Currently, analysts rate the stock as “Moderate Buy” with an average target price of $51.35.
Insider Activity
On July 24th, EVP Thomas T. Dierdorff sold 614 shares at $46.20 each, totaling $28,366.80. Post-sale, he owns 14,833 shares valued at about $685,284.60. Corporate insiders own 0.81% of Synovus.
Institutional Investors
Several institutional investors have been active in Synovus stocks, with notable increases from GAMMA Investing (up 22.4%) and others acquiring new stakes. Institutional ownership stands at 83.85%.
Current Trading Status
Recently, Synovus shares are down 0.6%. The 50-day average is $44.49, and the 200-day average is $41.29, with a market cap of $7.40 billion.
About Synovus Financial
Synovus Financial Corp. is a bank holding company for Synovus Bank, offering various banking products and services through its segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services.
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