Q3 2024 EPS Estimates for Synovus Financial Corp. (NYSE:SNV) Reduced by Analyst

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at DA Davidson lowered their Q3 2024 earnings per share (EPS) estimates for Synovus Financial in a note issued to investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the bank will post earnings of $1.08 per share for the quarter, down from their previous estimate of $1.11. DA Davidson 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.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.16 EPS.

Several other equities analysts have also recently issued reports on the company. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Tuesday, September 17th. Barclays upped their price target on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Morgan Stanley increased their price objective on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Evercore ISI decreased 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. Finally, Jefferies Financial Group raised their price target on shares of Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $47.44.

Synovus Financial Trading Up 2.6 %

Shares of NYSE SNV opened at $43.83 on Friday. The company has a market cap of $6.31 billion, a PE ratio of 15.01, a P/E/G ratio of 3.20 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The firm’s 50 day moving average price is $43.86 and its 200-day moving average price is $40.78. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.83.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 3.47%. Synovus Financial’s payout ratio is presently 52.05%.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction dated 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 transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Synovus Financial

A number of large investors have recently bought and sold shares of the business. Innealta Capital LLC purchased a new stake in Synovus Financial in the second quarter worth $43,000. Abich Financial Wealth Management LLC grew its holdings in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in Synovus Financial in the 1st quarter worth about $51,000. Headlands Technologies LLC lifted its holdings in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after buying an additional 1,105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.