DA Davidson Weighs in on Synovus Financial Corp.’s FY2024 Earnings (NYSE:SNV)

Synovus Financial Corp. (NYSE:SNV) – Research analysts at DA Davidson lowered their FY2024 earnings estimates for shares of Synovus Financial in a report released on Thursday, October 3rd. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings per share of $4.17 for the year, down from their prior estimate of $4.25. DA Davidson currently has a “Buy” rating and a $55.00 target price on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $4.20 per share. DA Davidson also issued estimates for Synovus Financial’s FY2025 earnings at $4.85 EPS.

Several other analysts also recently weighed in on SNV. Raymond James upgraded shares of 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. Royal Bank of Canada boosted their price target on shares of Synovus Financial from $45.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Truist Financial boosted their target price on shares of Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Piper Sandler boosted their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Finally, Morgan Stanley lifted their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.44.

Synovus Financial Trading Up 2.6 %

NYSE SNV opened at $43.83 on Monday. Synovus Financial has a one year low of $24.40 and a one year high of $47.83. The company has a 50-day simple moving average of $43.86 and a 200-day simple moving average of $40.80. 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 has a market capitalization of $6.42 billion, a PE ratio of 15.01, a price-to-earnings-growth ratio of 3.20 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. During the same period last year, the business earned $1.16 EPS. The firm’s revenue for the quarter was down .7% compared to the same quarter last year.

Synovus Financial Announces Dividend

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

Insider Buying and Selling at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Several hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 56.9% during the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after acquiring an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares in the last quarter. Millennium Management LLC raised its stake in Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after purchasing an additional 148,842 shares in the last quarter. Finally, Basswood Capital Management L.L.C. raised its stake in Synovus Financial by 2.6% in the fourth quarter. Basswood Capital Management L.L.C. now owns 1,038,588 shares of the bank’s stock valued at $39,103,000 after purchasing an additional 26,703 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.