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COLUMBUS, Ga. - Synovus (NYSE:SNV) Financial Corp. (NYSE: SNV), a Columbus-based financial services company, has announced the declaration of quarterly dividends for its common stock and two series of preferred stock. Shareholders of common stock are set to receive $0.38 per share, while the Series D and E preferred stockholders will receive dividends of $0.57251 and $0.52481 per share, respectively.
The dividend for common stock will be paid on October 1, 2024, to shareholders on record as of September 19, 2024. Holders of the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, will receive their dividend on September 23, 2024, with a record date of September 15, 2024. Similarly, the dividend for the Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, will be distributed on October 1, 2024, to those on record as of September 15, 2024.
Synovus Financial Corp. is known for offering a wide range of banking services and specialized products, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets, and international banking. With an asset base of approximately $60 billion, the company operates branches across Georgia, Alabama, South Carolina, Florida, and Tennessee.
This information is based on a press release statement from Synovus Financial Corp.
"In other recent news, Synovus Financial reported a mixed performance in the second quarter of 2024, with a net loss of $0.16 per share primarily due to a significant loss from securities repositioning. However, the company's adjusted earnings per share rose to $1.16, marking an improvement from the previous quarter. Net interest income increased by 4%, and adjusted non-interest revenue climbed 9% sequentially. Despite these developments, Synovus emphasized its focus on reducing uncertainty in net interest margin and credit costs, and expects loan growth between 0 to 2% for the year.
Keefe, Bruyette & Woods recently raised the price target for Synovus to $47.00, up from the previous $42.00, maintaining a Market Perform rating on the stock. This decision followed a quarter where Synovus demonstrated a strong net interest margin, an increase in fees, and positive credit outcomes. Analysts believe that Synovus could surpass its 2024 fee guidance, which could help mitigate the impacts of a smaller balance sheet and higher expenses on the second half of 2024 pre-provision net revenue.
Several other firms, including DA Davidson, Piper Sandler, Truist Securities, RBC Capital Markets, and Stephens, have also revised their financial outlook for Synovus, citing various reasons including improved revenue, asset quality, and strategic gains from the company's recent securities repositioning. These are some of the recent developments that investors should take into account."
InvestingPro Insights
Synovus Financial Corp. (NYSE: SNV), while continuing its tradition of delivering dividends, shows a complex financial landscape according to recent data from InvestingPro. With a market capitalization of $6.46 billion and a price-to-earnings (P/E) ratio of 27.37, the company's valuation metrics present a mixed picture. The adjusted P/E ratio for the last twelve months as of Q2 2024 stands at 25.77, indicating a slight improvement over the current P/E ratio. Despite a challenging revenue growth rate of -24.55% over the last twelve months as of Q2 2024, Synovus has maintained a robust operating income margin of 29.97% in the same period.
InvestingPro Tips highlight that Synovus has been the subject of positive earnings revisions by 12 analysts for the upcoming period, which may suggest optimism regarding the company's future performance. Additionally, the company has managed to maintain dividend payments for an impressive 51 consecutive years, reinforcing its commitment to shareholder returns. Notably, Synovus has achieved a high return over the last year with a 50.13% price total return, which is significant in the context of its dividend payments and overall shareholder value.
For investors seeking a deeper analysis, InvestingPro offers additional tips on the company's financial health and future outlook. There are currently 6 more InvestingPro Tips available for Synovus, providing valuable insights for those considering an investment in the company's stock.
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