Synovus Financial Corp. (NYSE:SNV) Plans Dividend Increase – $0.39 Per Share

Synovus Financial Corp. (NYSE:SNV) declared a quarterly dividend on Monday, March 3rd, RTT News reports. Stockholders of record on Thursday, March 20th will be given a dividend of 0.39 per share by the bank on Tuesday, April 1st. This represents a $1.56 annualized dividend and a dividend yield of 3.08%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38.

Synovus Financial has raised its dividend payment by an average of 4.8% annually over the last three years. Synovus Financial has a dividend payout ratio of 27.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Synovus Financial to earn $5.45 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 27.9%.

Synovus Financial Price Performance

SNV opened at $50.65 on Tuesday. The stock has a 50-day moving average price of $53.67 and a 200-day moving average price of $50.87. 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 firm has a market cap of $7.14 billion, a PE ratio of 16.61, a P/E/G ratio of 1.11 and a beta of 1.39. Synovus Financial has a 1 year low of $33.44 and a 1 year high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 EPS. Sell-side analysts predict that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

SNV has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. JPMorgan Chase & Co. boosted their price target on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Stephens restated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Finally, The Goldman Sachs Group boosted their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $58.44.

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.