COLUMBUS, Ga. - Synovus (NYSE:SNV) Financial Corp. (NYSE: SNV), a Georgia-based financial services company, has announced the declaration of quarterly dividends for its common and preferred stock. Shareholders of common stock will receive a dividend of $0.38 per share, payable on July 1, 2024, with a record date of June 20, 2024.
In addition, the company has declared dividends for its preferred stock. Holders of the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, will receive $0.57159 per share, with the payment due on June 21, 2024, for shareholders on record as of June 15, 2024. The Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, will have a dividend of $0.3671875 per share, also payable on July 1, 2024, to shareholders of record as of June 15, 2024.
Synovus Financial Corp. operates with approximately $60 billion in assets and provides a wide range of services, including commercial and consumer banking, as well as specialized services such as private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets, and international banking. The company has branches across Georgia, Alabama, South Carolina, Florida, and Tennessee and is recognized as a Great Place to Work-Certified Company.
This announcement is based on a press release statement from Synovus Financial Corp. and does not constitute any form of endorsement or investment recommendation. Investors and shareholders are always advised to conduct their own due diligence with any financial decisions.
InvestingPro Insights
Synovus Financial Corp. (NYSE: SNV) continues to demonstrate its commitment to shareholders with its latest dividend declarations, reflecting a tradition of consistent payouts. According to InvestingPro, Synovus has maintained dividend payments for an impressive 51 consecutive years, highlighting its financial stability and dedication to returning value to its investors. This is particularly noteworthy in the current financial landscape, where investors seek reliable income streams.
InvestingPro data showcases Synovus's solid financial metrics, with a market capitalization of $5.62 billion USD and a Price/Earnings (P/E) ratio of 13.13, adjusted to 12.72 for the last twelve months as of Q1 2024. The company's dividend yield stands at a robust 3.83%, as of the latest data, which is an attractive figure for income-focused investors. Moreover, the company's stock has seen a 40.08% price total return over the last year, underscoring its strong performance in the market.
For those looking to delve deeper into Synovus's financials and future prospects, InvestingPro offers additional insights. There are more InvestingPro Tips available, including analysis on the company's profitability and gross profit margins. For instance, while Synovus suffers from weak gross profit margins, analysts predict the company will remain profitable this year, a sentiment backed by the company's positive performance over the last twelve months.
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