Synovus Financia Stock Price, News & Analysis

Synovus Bank has announced a strategic investment in Qualpay, acquiring a 60% ownership stake. This partnership aims to enhance Qualpay's payment solutions and integrate its technology into Synovus's forthcoming money-as-a-service platform, Maast. Maast seeks to simplify embedded payments and banking for independent software vendors (ISVs), allowing them to offer various financial services under their own brand. The investment is subject to regulatory approvals, and both companies express optimism about future growth and service enhancements in the fintech space.

Synovus Financial Corp. (NYSE: SNV) reported Q1 2022 results, showing diluted earnings per share of $1.11, down from $1.19 in Q1 2021. Net income fell to $162.7 million primarily due to increased provisions for credit losses. Total loans increased by 11% annualized, reaching $40.17 billion, while core transaction deposits rose by 4% annualized. Adjusted pre-provision net revenue was $213 million, up 9% year-over-year, supported by a 10% growth in net interest income excluding PPP fees. The company increased its 2022 financial expectations amidst a challenging landscape.

Synovus Financial Corp. (NYSE: SNV) will announce its first quarter 2022 results on April 21, 2022, with an earnings press release available prior to the conference call at 8:30 a.m. ET. A live audio webcast and accompanying slides will be accessible on their investor website. The company, based in Columbus, Georgia, manages approximately $57 billion in assets and provides a range of financial services across multiple states including Georgia, Alabama, South Carolina, Florida, and Tennessee.

Synovus Financial Corp. (NYSE: SNV) will have its President and CEO, Kevin Blair, present at the Raymond James Institutional Investors Conference on March 8, 2022, at 7:30 a.m. ET in Orlando. A live webcast of the presentation will be available, along with a replay on Synovus' Investor Relations website. Headquartered in Columbus, Georgia, Synovus has approximately $57 billion in assets, offering a range of financial services across Georgia, Alabama, South Carolina, Florida, and Tennessee.

Synovus Financial Corp. has declared its quarterly dividends for shareholders. A payment of $0.34 per share on common stock will be made on April 1, 2022, to shareholders of record as of March 17, 2022. Additionally, $0.39375 per share will be paid on Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, on March 21, 2022, to shareholders of record by March 15, 2022. The company also announced a $0.3671875 dividend on Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, payable on April 1, 2022.

Synovus Bank has announced a commitment of $1.76 million in philanthropic donations to support education, health, and wellness initiatives across its five-state footprint. This marks a 47% increase in corporate giving compared to 2021, benefiting 278 local organizations focused on affordable housing and financial literacy. The corporate donations program aligns with Synovus' strategy to enhance community support, especially vital amid the ongoing impact of the COVID-19 pandemic.

Synovus Financial Corp. (NYSE: SNV) reported strong financial results for the fourth quarter and year ended December 31, 2021. Net income for 2021 was $727.3 million, or $4.90 per diluted share, a sharp rise from $340.5 million in 2020. Adjusted diluted earnings per share reached $1.35, up 12% from the previous quarter. Total loans grew by $1.4 billion, or 4%, while deposits rose by $1.7 billion, or 4%. The company maintained a strong capital position with a CET1 ratio of 9.49% and completed $200 million in share repurchases.

Synovus Bank has appointed Ken Ho as the new chief analytics officer, a position aimed at enhancing the bank's data sciences and analytics capabilities. Ho brings over 30 years of experience from roles at United Health Care, Citibank, and Morgan Stanley. He will report to Liz Wolverton, EVP and Head of Consumer Banking, and is tasked with leveraging analytics to improve client insights and relationships. The move aligns with Synovus's strategy to adapt to evolving client behaviors and drive sustainable growth.

Synovus has partnered with Visa to launch a mobile virtual commercial credit card solution, enabling businesses to generate and issue virtual Visa cards instantly through a mobile app. This collaboration aims to enhance cash flow management and provide clients with control over corporate spending through specific card settings for employees and vendors. Key benefits include increased visibility on expenses, improved security with unique one-time account numbers, and reduced reimbursement times for businesses.