Synovus Financial (NYSE: SNV) Reports Quarterly Results, Beats $ 0.17 Per Share Estimate
Synovus Financial (NYSE: SNV) announced its quarterly results on Tuesday. The bank reported earnings per share (EPS) of $ 1.20 for the quarter, beating Thomson Reuters’ consensus estimate of $ 1.03 per $ 0.17, MarketWatch Earnings reports. Synovus Financial recorded a return on equity of 11.60% and a net margin of 23.27%. In the same quarter of the previous year, the company achieved EPS of $ 0.23.
SNV stock traded up $ 0.96 on Tuesday, reaching $ 41.53. The company’s shares had a trading volume of 33,089 shares, compared to its average volume of 920,519. Synovus Financial has a 52-week low of $ 17.96 and a 52-week high of $ 50.51. The company has a market cap of $ 6.17 billion, a P / E ratio of 12.46, a P / E / G ratio of 1.26 and a beta of 1.61. The company has a fifty-day simple moving average of $ 46.19. The company has a debt ratio of 0.26, a current ratio of 0.89, and a quick ratio of 0.87.
The company also recently announced a quarterly dividend, which was paid on Thursday, July 1. Shareholders of record on Thursday, June 17 received a dividend of $ 0.33 per share. This represents an annualized dividend of $ 1.32 and a dividend yield of 3.18%. The ex-dividend date of this dividend was Wednesday June 16. Synovus Financial’s dividend payout ratio (DPR) is currently 54.77%.
Several analysts have published reports on SNV shares. Zacks Investment Research upgraded Synovus Financial from a “strong buy” rating to a “conservation” rating and set a price target of $ 52.00 for the share. in a research note on Monday, June 7. Raymond James raised his price target on Synovus Financial from $ 42.00 to $ 53.00 and gave the company an “outperformance” rating in a research note on Wednesday April 7. Seaport Global Securities began covering Synovus Financial in a research note on Wednesday, March 24. They set a “buy” rating and a price target of $ 53.00 on the stock. Piper Sandler raised her price target on Synovus Financial from $ 54.50 to $ 59.00 and assigned the company an “overweight” rating in a research note on Thursday, June 3. Finally, Morgan Stanley raised its price target on Synovus Financial from $ 56.00 to $ 58.00 and assigned the company an “overweight” rating in a report released Thursday, April 29. Two analysts rated the stock with a conservation rating and seven gave the company’s stock a buy rating. Synovus Financial has an average rating of “Buy” and a consensus price target of $ 45.15.
In addition, Executive Vice President Mark G. Holladay sold 1,500 shares in a transaction that took place on Friday, July 2. The stock was sold for an average price of $ 44.28, for a total value of $ 66,420.00. Following the closing of the transaction, the Executive Vice President now directly owns 61,787 shares of the company, valued at approximately $ 2,735,928.36. The sale was disclosed in a file with the Securities & Exchange Commission, accessible through this link. In addition, director John L. Stallworth acquired 1,920 shares of the company in a transaction that took place on Thursday, April 29. The stock was acquired at an average cost of $ 47.21 per share, for a total value of $ 90,643.20. Company insiders own 1.11% of the company’s shares.
Synovus Financial Company Profile
Synovus Financial Corp. operates as a banking holding company for Synovus Bank which provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking and Financial Management Services. The Company’s commercial banking services include cash management, asset management, capital markets and institutional trust services, as well as commercial, financial and real estate loans.
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Like any group of travel and tourism-related stocks, hotel stocks saw a sharp decline in share prices in 2020. The leisure and hospitality sector, which once had 15 million employees, lost 4 million dollars. ‘jobs since February.
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