Synovus Financial Corp. (NYSE:SNV) to Issue $0.38 Quarterly Dividend

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Tuesday, December 3rd,RTT News reports. Stockholders of record on Thursday, December 19th will be paid a dividend of 0.38 per share by the bank on Thursday, January 2nd. This represents a $1.52 annualized dividend and a dividend yield of 2.71%.

Synovus Financial has raised its dividend by an average of 4.8% per year over the last three years. Synovus Financial has a payout ratio of 33.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Synovus Financial to earn $4.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 32.5%.

Synovus Financial Trading Down 1.2 %

NYSE:SNV traded down $0.67 during trading hours on Tuesday, hitting $56.00. 1,126,981 shares of the stock were exchanged, compared to its average volume of 1,390,739. The company’s 50 day moving average is $50.57 and its two-hundred day moving average is $44.91. Synovus Financial has a twelve month low of $32.53 and a twelve month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $7.93 billion, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the business earned $0.84 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SNV shares. 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 report on Tuesday, September 17th. Citigroup set a $59.00 target price on shares of Synovus Financial in a research report on Friday, October 18th. The Goldman Sachs Group upped their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Evercore ISI upped their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Finally, Bank of America upped their target price on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average price target of $54.47.

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.