Announcement • Dec 17
Synovus Financial Corp. to Report Q4, 2025 Results on Jan 21, 2026 Synovus Financial Corp. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Jan 21, 2026 Recent Insider Transactions Derivative • Dec 16
Insider exercised options to buy US$1.1m worth of stock. On the 11th of December, Kevin Howard exercised 26.57k options to receive shares at no cost, then sold around 6.18k of them at US$52.65 each and kept the remainder. Since March 2025, Kevin's direct individual holding has decreased from 59.54k shares to 58.94k. Company insiders have collectively bought US$5.1m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Dec 08
Third quarter dividend of US$0.39 announced Shareholders will receive a dividend of US$0.39. Ex-date: 18th December 2025 Payment date: 24th December 2025 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (29% payout ratio) and is expected to be well covered in 3 years' time (28% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.0% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 05
Synovus Financial Corp. Declares Quarterly Dividend, Payable on December 24, 2025 The board of directors of Synovus Financial Corp. has declared the quarterly dividend of $0.39 per share on the company’s common stock, payable on December 24, 2025, to shareholders of record as of December 18, 2025. Announcement • Dec 03
Pinnacle Financial Partners and Synovus Financial Corp. Announce New Board and Executive Appointments Following Merger Pinnacle Financial Partners and Synovus Financial Corp. announced the composition of the board of directors for the combined company, which will include eight Pinnacle and seven Synovus directors, with six independent directors from each company. Terry Turner will serve as non-executive chair, and Tim Bentsen, Synovus director, will serve as lead director. Rob McCabe will serve as vice chair. The full list of directors is as anticipated as follows: Terry Turner, chair (Pinnacle); Kevin Blair, president and CEO (Synovus); Tim Bentsen, lead director (Synovus); Rob McCabe, vice chair (Pinnacle); Abney Boxley (Pinnacle); Gregory Burns (Pinnacle); Pedro Cherry (Synovus); Thomas Farnsworth (Pinnacle); David Ingram (Pinnacle); John Irby (Synovus); Decosta Jenkins (Pinnacle); Gregory Montana (Synovus); Barry Storey (Synovus); G. Kennedy Thompson (Pinnacle); Teresa White (Synovus). The merger has been approved by the boards of both companies and received shareholder and federal and state bank regulatory approvals. The deal is expected to close January 1, 2026, with full integration anticipated by 2027. Synovus locations will continue operating under that brand through 2026. Announcement • Nov 26
Pinnacle and Synovus Receive Federal Bank Regulatory Approval to Combine The proposed combination of Pinnacle Financial Partners and Synovus Financial Corp. has received regulatory approval from the Board of Governors of the Federal Reserve System. With shareholders of each company approving the merger on November 6, 2025, Pinnacle and Synovus anticipate completing the merger Jan. 1, 2026, subject to satisfaction of the remaining customary closing conditions. Integration teams are working closely together toward closing with clear plans for how the firm will operate on Day One, while also building the blueprint for integration. Throughout 2026, team members will work to bring systems, processes and people under the Pinnacle brand. Full system and brand conversions are expected to take place in the first half of 2027. Until then, clients at both firms should see very little change in their day-to-day business, and Synovus locations will continue to operate under the Synovus brand. Announcement • Oct 29
Synovus Financial Corp. Announces Retirement of Nelson Bean as Division CEO of Synovus in Birmingham The time was right this summer for Synovus Financial Corp. to make a deal. Now, the bank's longtime Birmingham leader is planning to pass the torch to a new executive roster soon. Nelson Bean, division CEO of Synovus in Birmingham, is planning to retire this year. Bean has been a leader with Synovus for decades. Born and raised in Birmingham, Bean graduated from Vanderbilt University in 1983. He joined Third National Bank in Nashville in 1983. Third National Bank was later acquired by SunTrust. Bean moved home and joined First Commercial Bank in 1988 as a vice president of commercial banking. First Commercial Bank merged with Synovus Financial Corp. in 1992. Bean was named president of First Commercial Bank in 2003. Bean assumed regional responsibilities for Synovus in 2009. Bean is also a board member of United Way of Central Alabama and Freshwater Land Trust and has been president of Kiwanis Club of Birmingham, among various other civic and nonprofit leadership roles. Bean said he isn't interested in any future banking opportunities outside of the bank he worked in for 40 years - but he's not ruling out other opportunities. Reported Earnings • Oct 16
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: US$1.42 (up from US$1.19 in 3Q 2024). Revenue: US$593.7m (up 9.7% from 3Q 2024). Net income: US$197.0m (up 16% from 3Q 2024). Profit margin: 33% (up from 31% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Sep 16
Synovus Financial Corp. to Report Q3, 2025 Results on Oct 15, 2025 Synovus Financial Corp. announced that they will report Q3, 2025 results After-Market on Oct 15, 2025 Declared Dividend • Sep 08
Second quarter dividend of US$0.39 announced Shareholders will receive a dividend of US$0.39. Ex-date: 18th September 2025 Payment date: 1st October 2025 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (29% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Sep 04
Synovus Financial Corp. Declares the Quarterly Dividend on the Company’s Common Stock, Payable on Oct. 1, 2025 The board of directors of Synovus Financial Corp. declared the quarterly dividend of $0.39 per share on the company’s common stock, payable on Oct. 1, 2025, to shareholders of record as of Sept. 18, 2025. Announcement • Aug 22
Pinnacle Financial Partners, Inc. and Synovus Financial Corp. Announces Executive Leadership Team for Combined Company Pinnacle Financial Partners, Inc. and Synovus Financial Corp. have named the combined company’s expected executive leadership team in the next step to bringing together two of the top-performing regional banks. The merger between Pinnacle and Synovus is expected to close in the first quarter of 2026, at which time President and CEO Kevin Blair will be joined by an experienced team of leaders that draws from the best of both institutions. Upon closing, this team is expected to lead the firm’s most critical corporate functions to drive transformative growth, ignite innovation and shape the future of the combined company under the Pinnacle brand. Rob McCabe, Chief Banking Officer. Jamie Gregory, Chief Financial Officer. Zack Bishop, Chief Operating Officer. Shellie Creson, Chief Risk Officer. Allan Kamensky, Chief Legal Officer. Matt Paluch, Chief of Staff to Kevin Blair. Dana Sanders, Chief Audit Executive. Charissa Sumerlin, Chief Credit Officer. Jennifer Upshaw, Chief Administrative Officer. Liz Wolverton, Chief Digital and Product Solutions Officer. Summer Yeiser, Chief People Officer. Reporting to Blair, McCabe will lead revenue-producing units for the combined firm, including the previously announced geographic leaders and the team tasked with delivering exceptional service and advice to clients across the firm’s footprint while maintaining local relationship management and a geographic model. Wayne Akins – Wealth management, including trust and investment solutions; mortgage; and third-party payments. Rick Arthur – Consumer and small business banking, including specialty deposit offerings. Kevin Combs – Franchise; quick service restaurant; solar and alternative energy; and convenience and gas Industries. Tom Dierdorff – Banking and advisory solutions to financial institutions; technology, media and communications; and healthcare industries. Kris Foster – Equipment and aircraft finance; dealer industry banking. · Mike Hammontree – Commercial payments products and programs, including treasury management, merchant card services, international trade services and foreign exchange. Kevin Howard – Institutional commercial real estate lending, structured lending, government banking, senior housing and other specialty banking services. Andy Moats – Music, entertainment and sports banking. Dan Stubblefield– Organizational performance optimization. Upon closing, Pinnacle President and CEO Terry Turner will become non-executive chairman of the board of directors of Pinnacle with McCabe serving as vice chairman, ensuring a smooth transition. Their continued leadership of the combined company forms a deep connection to Pinnacle’s founding and the model that has made it one of the most highly regarded banks and bank stocks in the country. Both firms have established Integration Management Office teams to coordinate decisions and align priorities to build a strong, unified organization upon closing of the transaction. Upshaw and Arthur will lead these efforts for Synovus and Pinnacle, respectively, engaging teams from across both organizations to identify and execute top integration planning priorities. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$49.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Banks industry in the US. Total returns to shareholders of 40% over the past three years. Announcement • Jul 25
Pinnacle Financial Partners, Inc. (NasdaqGS:PNFP) entered into a definitive agreement to acquire Synovus Financial Corp. (NYSE:SNV) for $7.8 billion. Pinnacle Financial Partners, Inc. (NasdaqGS:PNFP) entered into a definitive agreement to acquire Synovus Financial Corp. (NYSE:SNV) for $7.8 billion on July 24, 2025. The all-stock consideration represent a exchange ratio of 0.5237 per common equity of Synovus Financial Corp. This exchange ratio represents a Synovus per share value of $61.18. Synovus shareholders will own approximately 48.5% and Pinnacle shareholders will own approximately 51.5% of the combined company. The transaction is expected to be tax-free to shareholders of both companies. Buy side and sell side termination fee is $425 million.
The combined company, which will operate under the Pinnacle Financial Partners and Pinnacle Bank name and brand, will be led by a highly experienced team with a shared growth mindset. Kevin Blair will serve as President and Chief Executive Officer, Terry Turner will serve as Chairman of the Board of Directors, Jamie Gregory will serve as Chief Financial Officer, and Rob McCabe will become Vice Chairman and Chief Banking Officer of the combined company.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement Pinnacle and Synovus shareholders and board, authorization for listing on the New York Stock Exchange of the shares of Newco Common Stock and Newco Preferred Stock, effectiveness of the registration statement on Form S-4 and the satisfaction of other customary closing conditions. The deal has been unanimously approved by the board of directors of both Synovus and Pinnacle. The expected completion of the transaction is first quarter of 2026.
Centerview Partners LLC acted as financial advisor for Pinnacle Financial Partners, Inc. H. Rodgin Cohen and Mitchell S. Eitel of Sullivan & Cromwell LLP and Bass, Berry & Sims, PLC, acted as legal advisor for Pinnacle Financial Partners, Inc. Piper Sandler & Co. acted as financial advisor for Pinnacle Financial Partners, Inc. Morgan Stanley & Co. LLC acted as financial advisor for Synovus Financial Corp. Edward D. Herlihy and Brandon C. Price of Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor for Synovus Financial Corp. Keefe, Bruyette & Woods, Inc. acted as financial advisor for Synovus Financial Corp. Sullivan & Cromwell LLP has been assisted by Bass, Berry & Sims, PLC in the transaction. Announcement • Jul 23
Synovus Reportedly Weighs Potential Merger After Drawing Takeover Interest Synovus Financial Corp. (NYSE:SNV), a regional bank in the southeastern US, is weighing options including a potential merger after drawing interest, people familiar with the matter said. The Columbus, Georgia-based bank is working with a financial adviser and has recently held merger talks with at least one rival, according to the people, who asked not to be identified because the details aren’t public. Shares in Synovus rose as much as 10% on July 22, 2025. The stock was up 6.4% at 2:27 p.m. in New York, giving the company a market value of about $8.2 billion. Deliberations are ongoing and there’s no certainty that Synovus will decide to pursue a transaction, the people said. A representative for Synovus didn’t respond to requests for comment. Price Target Changed • Jul 18
Price target increased by 9.5% to US$62.82 Up from US$57.39, the current price target is an average from 19 analysts. New target price is 13% above last closing price of US$55.74. Stock is up 24% over the past year. The company is forecast to post earnings per share of US$5.50 for next year compared to US$3.05 last year. Reported Earnings • Jul 17
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$1.49 (up from US$0.16 loss in 2Q 2024). Revenue: US$590.5m (up 111% from 2Q 2024). Net income: US$206.3m (up US$230.1m from 2Q 2024). Profit margin: 35% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Jul 17
Synovus Financial Corp. Announces Net Charge Off for the Second Quarter Ended June 30, 2025 Synovus Financial Corp. announced net charge off for the second quarter ended June 30, 2025. For the quarter, the company announced the net charge-off of $18,301,000 as compared to $21,366,000 in the previous quarter. The net -charge off ratio is of 0.17%, down from 0.20% in the prior quarter. Announcement • Jun 17
Synovus Financial Corp. to Report Q2, 2025 Results on Jul 17, 2025 Synovus Financial Corp. announced that they will report Q2, 2025 results at 8:30 AM, US Eastern Standard Time on Jul 17, 2025 Declared Dividend • Jun 06
First quarter dividend of US$0.39 announced Shareholders will receive a dividend of US$0.39. Ex-date: 18th June 2025 Payment date: 1st July 2025 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (43% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 57% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 04
Synovus Financial Corp. Declares Quarterly Dividend, Payable on July 1, 2025 The board of directors of Synovus Financial Corp. has declared the quarterly dividends of $0.39 per share on the company’s common stock, payable on July 1, 2025, to shareholders of record as of June 19, 2025. Reported Earnings • Apr 17
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$1.39 (up from US$0.78 in 1Q 2024). Revenue: US$559.9m (up 16% from 1Q 2024). Net income: US$195.0m (up 70% from 1Q 2024). Profit margin: 35% (up from 24% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$40.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Banks industry in the US. Negligible returns to shareholders over past three years. Announcement • Mar 17
Synovus Financial Corp. to Report Q1, 2025 Results on Apr 16, 2025 Synovus Financial Corp. announced that they will report Q1, 2025 results After-Market on Apr 16, 2025 Announcement • Mar 13
Synovus Financial Corp., Annual General Meeting, Apr 24, 2025 Synovus Financial Corp., Annual General Meeting, Apr 24, 2025. Declared Dividend • Mar 06
Fourth quarter dividend increased to US$0.39 Dividend of US$0.39 is 2.6% higher than last year. Ex-date: 20th March 2025 Payment date: 1st April 2025 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (50% payout ratio) and is expected to be well covered in 3 years' time (28% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 86% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 04
Synovus Financial Corp. Declares Quarterly Dividend, Payable on April 1, 2025 The board of directors of Synovus Financial Corp. has declared the quarterly dividend of $0.39 per share on the company’s common stock, payable on April 1, 2025, to shareholders of record as of March 20, 2025. Reported Earnings • Feb 24
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$3.05 (down from US$3.48 in FY 2023). Revenue: US$1.85b (down 8.8% from FY 2023). Net income: US$439.6m (down 13% from FY 2023). Profit margin: 24% (down from 25% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.19% (down from 3.21% in FY 2023). Cost-to-income ratio: 54.3% (down from 54.9% in FY 2023). Non-performing loans: 0.73% (up from 0.66% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Jan 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$3.05 (down from US$3.48 in FY 2023). Revenue: US$1.85b (down 8.9% from FY 2023). Net income: US$439.6m (down 13% from FY 2023). Profit margin: 24% (down from 25% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.19% (down from 3.21% in FY 2023). Cost-to-income ratio: 54.3% (down from 54.9% in FY 2023). Non-performing loans: 0.73% (up from 0.66% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jan 13
Synovus Financial Corp. Appoints Katie Webb as Chief Consumer Digital and Client Experience Officer Synovus Financial Corp. announced that it has appointed Katie Webb as its chief consumer digital and client experience officer. In her new role, Webb will lead the consumer digital strategy, focusing on enhancing the client experience through strategic integration of physical and digital channels. She will drive the development of new digital capabilities and innovative experiences to meet the evolving needs of its clients. Webb will report to Liz Wolverton, executive vice president, head of consumer banking and brand experience. Webb, who has more than 15 years of experience in sales, marketing and digital within the financial services industry, was most recently with Aflac where she served as the vice president of digital product and experience, leading digital innovation and transformation. Announcement • Jan 06
Synovus Financial Corp. Appoints Jim Vaughn as Chattanooga Market Executive Synovus Financial Corp. has named Jim Vaughn as its Chattanooga market executive. He joins Synovus from Mauldin & Jenkins.
Vaughn will lead the company's Chattanooga banking teams in delivering financial solutions for clients while driving business development and growth and supporting community outreach initiatives. He will report to Bill Davies, market executive for northwest Georgia at Synovus. Before joining Synovus, Vaughn was a partner at Mauldin & Jenkins, where he worked for 25 years. He held various leadership roles at the accounting firm, including leading its financial services practice and serving on its executive, advisory, leadership and career advisory committees. Vaughn provided advisory and CPA services to financial institutions, nonprofits, hedge funds, transportation companies, and other Tennessee small- and medium-sized businesses. Vaughn is involved in the Chattanooga community, serving as chairman of the Cherokee Area Council of the Boy Scouts of America Board of Directors and of the Rollins College of Business Advisory Board. He earned a bachelor’s in business administration in accounting and finance from Georgia Southern University. Announcement • Dec 19
Synovus Financial Corp. Announces Election of Greg Montana to its Board of Directors, Effective January 1, 2025 Synovus Financial Corp. has appointed Greg Montana, former executive vice president and chief risk officer of Fidelity National Information Services Inc., to its board of directors, effective January 1, 2025. He will serve on the audit and risk committees. This appointment increases the Synovus board to 12 directors. Montana retired from FIS in April 2023. During his 11-year tenure with the company, he led teams of risk, security and compliance professionals. The teams managed and mitigated risks related to cybersecurity; operations; credit; compliance; regulatory; environmental, social and governance; business continuity; crisis management; third party and fraud for all business segments, including banking, payments and capital markets. Montana has more than 25 years of leadership and risk management experience, having served in roles at Bank of America, PayPal, Lloyds Banking Group, Deloitte Consulting and JPMorganChase. Montana is a certified chief information security officer and former board member of the Internet Security Alliance and the Financial Services Information Sharing and Analysis Center Sheltered Harbor organization. He serves on the board of directors for United Way of Northeast Florida and is an active member and former board chair of Jacksonville Catholic Charities. Montana earned an MBA from the Wharton School of the University of Pennsylvania and a bachelor’s degree from Boston College. Announcement • Dec 18
Synovus Financial Corp. to Report Q4, 2024 Results on Jan 15, 2025 Synovus Financial Corp. announced that they will report Q4, 2024 results at 4:00 PM, US Eastern Standard Time on Jan 15, 2025 Declared Dividend • Dec 06
Third quarter dividend of US$0.38 announced Dividend of US$0.38 is the same as last year. Ex-date: 19th December 2024 Payment date: 2nd January 2025 Dividend yield will be 2.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (69% payout ratio) and is expected to be covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 84% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 04
Synovus Financial Corp. Announces Quarterly Dividends, Payable on Jan. 2, 2025 The board of directors of Synovus Financial Corp. has declared the following quarterly dividends: $0.38 per share on the company’s common stock, payable on Jan. 2, 2025, to shareholders of record as of Dec. 19, 2024. Recent Insider Transactions • Dec 03
Insider recently sold US$914k worth of stock On the 27th of November, Kevin Howard sold around 16k shares on-market at roughly US$58.02 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.3m more than they bought in the last 12 months. Announcement • Nov 13
Synovus Financial Corp. Announces Executive Changes, Effective March 31, 2025 Synovus Financial Corp. has named Anne Fortner, senior vice president and deputy chief credit officer, as executive vice president, chief credit officer, effective March 31, 2025. Fortner will succeed Bob Derrick, who has served as chief credit officer since 2019 and will retire after more than 20 years at Synovus. She will report to Shellie Creson, executive vice president, chief risk officer. Fortner will establish and advance credit organization initiatives and objectives in support of the enterprise strategy while ensuring that Synovus stays on top of trends and market conditions to guide credit practices. She will oversee the asset quality of the balance sheet, implement the administration of loan policy and governance processes, and direct the monitoring and measuring of credit risk through analytics, thresholds and limits to maintain credit risk within appetite. Derrick will remain in his role until March 31, 2025, and will work with Fortner, Creson and others to support the transition. In her 17 years with Synovus, Fortner has served in various roles, including executive director of credit risk management and leading credit for the wholesale bank. Prior to joining the company, she served in several commercial banking capacities with SouthTrust Bank and its successor, Wachovia. She earned her bachelor's degree in business administration from the University of Alabama. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$58.73, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Banks industry in the US. Total returns to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$115 per share. Price Target Changed • Oct 18
Price target increased by 8.3% to US$53.74 Up from US$49.61, the current price target is an average from 17 analysts. New target price is 6.3% above last closing price of US$50.55. Stock is up 98% over the past year. The company is forecast to post earnings per share of US$2.91 for next year compared to US$3.48 last year. Reported Earnings • Oct 17
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$1.27 (up from US$0.60 in 3Q 2023). Revenue: US$541.3m (up 13% from 3Q 2023). Net income: US$181.6m (up 108% from 3Q 2023). Profit margin: 34% (up from 18% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Declared Dividend • Sep 06
Second quarter dividend of US$0.38 announced Dividend of US$0.38 is the same as last year. Ex-date: 19th September 2024 Payment date: 1st October 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio). However, the dividend is expected to be well covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 3.2% to bring the payout ratio under control. EPS is expected to grow by 204% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Sep 04
Synovus Financial Corp. Announces Quarterly Dividends, Payable on October 1, 2024 The board of directors of Synovus Financial Corp. has declared the following quarterly dividends: $0.38 per share on the company’s common stock, payable on October 1, 2024, to shareholders of record as of September 19, 2024. Price Target Changed • Jul 21
Price target increased by 11% to US$48.56 Up from US$43.88, the current price target is an average from 16 analysts. New target price is 7.7% above last closing price of US$45.09. Stock is up 39% over the past year. The company is forecast to post earnings per share of US$2.82 for next year compared to US$3.48 last year. Reported Earnings • Jul 18
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: US$0.096 loss per share (down from US$1.14 profit in 2Q 2023). Revenue: US$279.7m (down 47% from 2Q 2023). Net loss: US$14.0m (down 109% from profit in 2Q 2023). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Major Estimate Revision • Jul 10
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$2.04b to US$1.95b. EPS estimate also fell from US$3.77 per share to US$3.32 per share. Net income forecast to grow 20% next year vs 1.9% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$43.56. Share price was steady at US$40.69 over the past week. Announcement • Jun 19
Synovus Financial Corp. to Report Q2, 2024 Results on Jul 17, 2024 Synovus Financial Corp. announced that they will report Q2, 2024 results at 4:00 PM, US Eastern Standard Time on Jul 17, 2024 Upcoming Dividend • Jun 16
Upcoming dividend of US$0.38 per share Eligible shareholders must have bought the stock before 20 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (3.1%). Recent Insider Transactions • Jun 13
Insider recently bought US$916k worth of stock On the 7th of June, D. Akins bought around 25k shares on-market at roughly US$37.40 per share. This transaction increased D.'s direct individual holding by 1x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$1.1m. Despite this recent purchase, insiders have collectively sold US$766k more in shares than they bought in the last 12 months. Recent Insider Transactions Derivative • Jun 10
Insider notifies of intention to sell stock D. Akins intends to sell 20k shares in the next 90 days after lodging an Intent To Sell Form on the 7th of June. If the sale is conducted around the recent share price of US$37.38, it would amount to US$748k. Since March 2024, Akins has owned 40.64k shares directly. Company insiders have collectively bought US$415k more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Jun 06
First quarter dividend of US$0.38 announced Dividend of US$0.38 is the same as last year. Ex-date: 20th June 2024 Payment date: 1st July 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (52% payout ratio) and is expected to be covered in 3 years' time (34% forecast payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 72% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 05
Synovus Financial Corp. Announces Quarterly Dividends, Payable on July 1, 2024 The board of directors of Synovus Financial Corp. has declared quarterly dividend. 0.38 per share on the company’s common stock, payable on July 1, 2024, to shareholders of record as of June 20, 2024. Recent Insider Transactions • May 28
Executive VP & CFO recently bought US$1.1m worth of stock On the 21st of May, Andrew Gregory bought around 28k shares on-market at roughly US$40.03 per share. This transaction increased Andrew's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Andrew has been a buyer over the last 12 months, purchasing a net total of US$179k worth in shares. Reported Earnings • May 05
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.78 (down from US$1.33 in 1Q 2023). Revenue: US$483.8m (down 17% from 1Q 2023). Net income: US$114.8m (down 41% from 1Q 2023). Profit margin: 24% (down from 33% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Announcement • Apr 23
Synovus Financial Corp., Annual General Meeting, Apr 24, 2024 Synovus Financial Corp., Annual General Meeting, Apr 24, 2024, at 10:00 US Eastern Standard Time. Reported Earnings • Apr 19
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.78 (down from US$1.33 in 1Q 2023). Revenue: US$483.8m (down 17% from 1Q 2023). Net income: US$114.8m (down 41% from 1Q 2023). Profit margin: 24% (down from 33% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Announcement • Apr 04
Synovus Introduces Accelerate Pay for Business Payments Synovus has launched AccelerateTM Pay, a new payment solution that enables commercial banking clients to initiate account payable payments in several different payment types while minimizing the use of checks. The solution offers payees the freedom to choose how they want to get paid, with check payments and e-checks still an option. When payment types are added, Synovus clients can take advantage of new options without altering their systems, payment initiation workflow or reconcilement processes. In addition to helping Synovus clients eliminate check payments, Accelerate Pay offers: Hands-free payment origination and account reconciliation. Easy enterprise resource planning or accounting application integration with implementation in minutes or hours rather than weeks without the need for technology support. Built-in payment fraud mitigation. Announcement • Mar 19
Synovus Financial Corp. to Report Q1, 2024 Results on Apr 17, 2024 Synovus Financial Corp. announced that they will report Q1, 2024 results After-Market on Apr 17, 2024 Upcoming Dividend • Mar 13
Upcoming dividend of US$0.38 per share Eligible shareholders must have bought the stock before 20 March 2024. Payment date: 01 April 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.0%). Declared Dividend • Mar 07
Fourth quarter dividend of US$0.38 announced Dividend of US$0.38 is the same as last year. Ex-date: 20th March 2024 Payment date: 1st April 2024 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (44% payout ratio) and is expected to be well covered in 3 years' time (38% forecast payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 05
Synovus Announces Quarterly Dividends, Payable on April 1, 2024 The board of directors of Synovus Financial Corp. has declared the following quarterly dividends: $0.38 per share on the company’s common stock, payable on April 1, 2024, to shareholders of record as of March 21, 2024. Reported Earnings • Feb 26
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$3.48 (down from US$4.99 in FY 2022). Revenue: US$2.03b (down 4.1% from FY 2022). Net income: US$507.8m (down 30% from FY 2022). Profit margin: 25% (down from 34% in FY 2022). The decrease in margin was primarily driven by higher expenses. Net interest margin (NIM): 3.21% (down from 3.32% in FY 2022). Cost-to-income ratio: 54.9% (up from 52.2% in FY 2022). Non-performing loans: 0.66% (up from 0.29% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.1%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • Feb 23
CEO, President & Chairman exercised options and sold US$845k worth of stock On the 18th of February, Kevin Blair exercised options to acquire 23k shares at no cost and sold these for an average price of US$36.72 per share. This trade did not impact their existing holding. For the year to December 2017, Kevin's total compensation was 19% salary and 81% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Kevin has owned 86.94k shares directly. Company insiders have collectively sold US$1.4m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jan 18
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$3.48 (down from US$4.99 in FY 2022). Revenue: US$2.03b (down 4.2% from FY 2022). Net income: US$507.8m (down 30% from FY 2022). Profit margin: 25% (down from 34% in FY 2022). The decrease in margin was primarily driven by higher expenses. Cost-to-income ratio: 54.9% (up from 52.2% in FY 2022). Non-performing loans: 0.66% (up from 0.29% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.1%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Jan 14
Price target increased by 8.8% to US$41.53 Up from US$38.16, the current price target is an average from 16 analysts. New target price is 15% above last closing price of US$36.02. Stock is down 9.0% over the past year. The company is forecast to post earnings per share of US$3.36 for next year compared to US$4.99 last year. Price Target Changed • Jan 10
Price target increased by 7.8% to US$40.47 Up from US$37.53, the current price target is an average from 16 analysts. New target price is 9.7% above last closing price of US$36.88. Stock is down 5.6% over the past year. The company is forecast to post earnings per share of US$3.36 for next year compared to US$4.99 last year. Announcement • Dec 19
Synovus Financial Corp. to Report Q4, 2023 Results on Jan 17, 2024 Synovus Financial Corp. announced that they will report Q4, 2023 results After-Market on Jan 17, 2024 Upcoming Dividend • Dec 13
Upcoming dividend of US$0.38 per share at 4.3% yield Eligible shareholders must have bought the stock before 20 December 2023. Payment date: 02 January 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (3.4%). Price Target Changed • Dec 12
Price target increased by 8.6% to US$35.73 Up from US$32.90, the current price target is an average from 15 analysts. New target price is approximately in line with last closing price of US$35.48. Stock is down 8.6% over the past year. The company is forecast to post earnings per share of US$3.37 for next year compared to US$4.99 last year. Recent Insider Transactions • Dec 11
Executive VP & General Counsel recently sold US$676k worth of stock On the 7th of December, Allan Kamensky sold around 19k shares on-market at roughly US$35.01 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$271k more than they bought in the last 12 months. 
