DA Davidson Reduces Earnings Estimates for Synovus Financial

Synovus Financial Corp. (NYSE:SNV) – DA Davidson cut their FY2025 earnings per share estimates for Synovus Financial in a report issued on Wednesday, April 2nd. DA Davidson analyst G. Tenner now expects that the bank will post earnings of $4.76 per share for the year, down from their prior forecast of $4.80. The consensus estimate for Synovus Financial’s current full-year earnings is $4.89 per share. DA Davidson also issued estimates for Synovus Financial’s FY2025 earnings at $4.76 EPS.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the prior year, the company posted $0.80 earnings per share. The firm’s revenue was up 18.8% on a year-over-year basis.

Other research analysts also recently issued reports about the company. Morgan Stanley decreased their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Piper Sandler boosted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Citigroup upped their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Raymond James downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.67.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $38.21 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The business has a 50-day moving average of $50.40 and a 200-day moving average of $51.04. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 1.11 and a beta of 1.16. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently bought and sold shares of SNV. Norges Bank bought a new position in Synovus Financial in the 4th quarter valued at approximately $77,209,000. Wellington Management Group LLP raised its stake in shares of Synovus Financial by 12.8% during the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Synovus Financial by 226.5% during the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock worth $54,573,000 after purchasing an additional 738,983 shares during the period. FMR LLC grew its stake in shares of Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after purchasing an additional 415,201 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in Synovus Financial by 349.4% in the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock valued at $27,108,000 after purchasing an additional 411,411 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 4.08%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is currently 51.15%.

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.