Synovus Financial Corp. (NYSE:SNV) announced a quarterly dividend on Friday, December 8th, RTT News reports. Shareholders of record on Thursday, December 21st will be paid a dividend of 0.15 per share by the bank on Tuesday, January 2nd. This represents a $0.60 dividend on an annualized basis and a yield of 1.22%.
Synovus Financial has increased its dividend payment by an average of 19.7% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Synovus Financial has a dividend payout ratio of 24.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Synovus Financial to earn $2.86 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 21.0%.
Shares of Synovus Financial (NYSE:SNV) traded up $0.09 during trading hours on Friday, hitting $48.98. 1,011,400 shares of the company’s stock were exchanged, compared to its average volume of 743,843. Synovus Financial has a 1-year low of $37.95 and a 1-year high of $51.09. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. The stock has a market cap of $5,843.08, a PE ratio of 20.72, a P/E/G ratio of 2.49 and a beta of 1.13.
SNV has been the topic of a number of recent analyst reports. Jefferies Group restated a “hold” rating and set a $50.00 price target on shares of Synovus Financial in a research note on Thursday, October 12th. ValuEngine downgraded shares of Synovus Financial from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Robert W. Baird reissued a “hold” rating and set a $43.00 price target on shares of Synovus Financial in a report on Friday, October 20th. Keefe, Bruyette & Woods restated a “hold” rating and set a $48.00 price objective on shares of Synovus Financial in a research report on Thursday, October 19th. Finally, Zacks Investment Research cut shares of Synovus Financial from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $45.64.
In other Synovus Financial news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $46.29, for a total transaction of $462,900.00. Following the completion of the transaction, the executive vice president now owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Allen J. Gula sold 2,125 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $47.11, for a total transaction of $100,108.75. Following the transaction, the chief operating officer now directly owns 72,561 shares of the company’s stock, valued at approximately $3,418,348.71. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.
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About Synovus Financial
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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