FY2024 EPS Estimates for Synovus Financial Corp. Decreased by Analyst (NYSE:SNV)

by · The Cerbat Gem

Synovus Financial Corp. (NYSE:SNV – Free Report) – Stock analysts at DA Davidson dropped their FY2024 EPS estimates for shares of Synovus Financial in a research note issued 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 has a “Buy” rating and a $55.00 price target on the stock. The consensus estimate for Synovus Financial’s current full-year earnings is $4.03 per share. DA Davidson also issued estimates for Synovus Financial’s FY2025 earnings at $4.85 EPS.

A number of other research firms have also weighed in on SNV. Evercore ISI lowered their price target on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 2nd. Jefferies Financial Group increased their price target on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Morgan Stanley upped their target price on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Keefe, Bruyette & Woods lifted their price target on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. Finally, Barclays raised their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.44.

Check Out Our Latest Research Report on Synovus Financial

Synovus Financial Trading Down 0.7 %

Shares of SNV opened at $43.05 on Monday. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.83. The stock has a market cap of $6.20 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 3.44 and a beta of 1.38. The firm’s fifty day moving average is $43.71 and its two-hundred day moving average is $40.88. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV – Get Free Report) last issued 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. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. During the same period in the previous year, the company posted $1.16 earnings per share. The business’s revenue was down .7% on a year-over-year basis.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SNV. Innealta Capital LLC acquired a new stake in Synovus Financial during the second quarter worth approximately $43,000. Abich Financial Wealth Management LLC grew its stake in Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after buying an additional 371 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in Synovus Financial in the first quarter valued at approximately $51,000. Headlands Technologies LLC boosted its holdings in shares of Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after acquiring an additional 1,105 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Synovus Financial by 18.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after acquiring an additional 298 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Company Profile

(Get Free Report)

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.

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