Dallas, Texas 10/16/2013 (Financialstrend) – Columbus based Synovus Financial Corp. (NYSE:SNV) is a midsize regional bank with a market cap of $2.82 million. It traces back its operations to the very beginning of commercial banking in 1888. The share holders of this veteran bank have a lot to look forward to in the second half of October.
The first occurrence that share holders would be paying close attention to is “Synovus Financial” third quarter 2013 operation results which will be announced on October 22. While the stock price of this $27 billion asset based bank has seen a steady appreciation in value over the past 12 months, its operational results have sputtered. In 2Q the bank had reported a drop of 8.8% in sales on a quarter on quarter compare. Its earnings per share remained stagnant in comparison to previous quarter. In a trailing 12 month time window the bank had generated sales of close to $949 million resulting in net income of $770 million. In 3Q, share holders would be hoping for a increase in the sales as well as operational margins of the bank.
The second tiding that investors in the stock would be tracking would be the dividend payout for series C preferred stock holders. A dividend of $0.525 per share will be paid out to all preferred stock share holders on November 1. Through the last 12 months, the stock has yielded dividend of $0.04 per share. This translates to a 1.21% dividend yield over the same period. While the dividend yield might be relatively less compared returns provided by bigger sized banks, the investors in the stock are still a happy lot since the stock has appreciated by close to 37% in the past 12 months.
The bank pursues its operations out of 280 bank branches spread across 29 divisions in the mid Atlantic region
