DA Davidson Boosts Earnings Estimates for Synovus Financial

Synovus Financial Corp. (NYSE:SNV) – DA Davidson boosted their FY2024 EPS estimates for Synovus Financial in a report released on Thursday, December 12th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings per share of $4.37 for the year, up from their prior forecast of $4.33. DA Davidson currently has a “Buy” rating and a $60.00 price target 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.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million for 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% compared to the same quarter last year. During the same period in the prior year, the company posted $0.84 EPS.

Other equities research analysts also recently issued research reports about the company. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. The Goldman Sachs Group lifted their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Citigroup set a $59.00 price target on shares of Synovus Financial in a report on Friday, October 18th. Barclays raised their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Piper Sandler increased their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $56.00.

Synovus Financial Price Performance

Shares of SNV stock opened at $54.16 on Friday. The firm’s 50 day moving average price is $52.71 and its two-hundred day moving average price is $45.87. The stock has a market cap of $7.67 billion, a PE ratio of 24.51, a PEG ratio of 1.58 and a beta of 1.38. Synovus Financial has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial Announces Dividend

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

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNV. V Square Quantitative Management LLC acquired a new position in shares of Synovus Financial during the 3rd quarter worth approximately $30,000. UMB Bank n.a. boosted its holdings in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares during the period. Quarry LP acquired a new position in Synovus Financial in the 3rd quarter valued at about $41,000. Innealta Capital LLC bought a new position in Synovus Financial in the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC lifted its position in Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

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.