COLUMBUS, Ga. - Synovus (NYSE:SNV) Financial Corp. (NYSE: SNV), a regional bank holding company, announced its latest quarterly dividends for both common and preferred stockholders. The board of directors has declared a dividend of $0.38 per share on the company's common stock, which is scheduled to be paid on January 2, 2025, to shareholders of record as of December 19, 2024. According to InvestingPro data, Synovus has maintained dividend payments for 51 consecutive years, with a current dividend yield of 2.68%.
In addition to the common stock dividend, Synovus has also declared dividends on its preferred stock. Holders of the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, will receive $0.52874 per share, with a payment date set for December 23, 2024, for shareholders on record as of December 15, 2024. Similarly, the Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, will have a dividend of $0.52481 per share, payable on January 2, 2025, to shareholders of record as of December 15, 2024. The company's stock has shown remarkable strength, with a total return of nearly 55% year-to-date.
Synovus Financial Corp., headquartered in Columbus (WA:CLC), Georgia, manages approximately $60 billion in assets. The company provides a comprehensive range of financial services, including commercial and retail banking, wealth services, treasury management, mortgages, premium finance, asset-based lending, structured lending, capital markets, and international banking. With a network of branches across Georgia, Alabama, Florida, South Carolina, and Tennessee, Synovus has earned a reputation as a certified Great Place to Work.
The announcement of these dividends reflects the company's commitment to providing value to its shareholders and its standing as a stable financial institution in the region. The information regarding the dividends is based on a press release statement from Synovus Financial Corp.
In other recent news, Synovus Financial Corp announced the promotion of Anne Fortner to Executive Vice President, Chief Credit Officer, succeeding Bob Derrick upon his retirement. The company also reported robust Q3 earnings, with GAAP earnings per share of $1.18 and a 6% sequential rise in adjusted diluted EPS to $1.23. This increase was attributed to stronger net interest income and lower credit loss provisions. Synovus also completed approximately $100 million in share repurchases during the quarter.
In terms of analyst updates, RBC Capital Markets maintained an Outperform rating on Synovus' shares, revising the price target to $57.00. Citi analyst Benjamin Gerlinger also raised the price target for Synovus to $59.00, maintaining a Buy rating.
In other recent developments, Synovus announced a $500 million offering of senior notes due in 2030, with the proceeds expected to be allocated to general corporate activities. The offering is led by BofA Securities, Inc. and Morgan Stanley (NYSE:MS) & Co. LLC as active joint book-running managers.
Finally, for Q4, Synovus provided an adjusted revenue guidance of $560 million to $575 million, anticipating a stable net interest margin. The company's strategic focus is on organic growth rather than acquisitions in the current market environment.
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