Source: Investing Posted 04/12/2024, 01:06
COLUMBUS, Georgia Sinovus Financial Corp. has announced. (NYSE: SNV), a regional banking holding company, announced its recent quarterly dividend to both ordinary and preferred shareholders. The Board of Directors announced a dividend of $0.38 per share on the Company’s common stock, to be paid on January 2, 2025, to registered shareholders effective December 19, 2024.
According to investing data, Sinovos has maintained dividend payments for 51 consecutive years, with a dividend yield Current of 2.68%. In addition to dividends on common stock, Sinovus also announced dividends on its preferred shares.
Holders of non-cumulative perpetual fixed to variable price preferred shares, Series D, will receive $0.52874 per share, with a payment date of December 23, 2024, for shareholders Registered as of December 15, 2024. Similarly, the non-cumulative perpetual preferred shares with a fixed-price reassignable, Series E, will have a dividend of $0.52481 per share, payable on January 2, 2025, to registered shareholders effective December 15, 2024. The company’s stock has shown remarkable strength, with an overall year-to-date return of nearly 55%.
Sinovus Financial Corp., headquartered in Columbus, Georgia, manages assets worth approximately $60 billion. The company offers 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, Sinovos has earned a reputation as a great certified. The announcement of these dividends reflects the company’s commitment to providing value to its shareholders and its position as a stable financial institution in the region. Dividend information based on a press release from Sinovus Financial Corp.
Sinovus Financial Corp. announced Anne Fortuner to Executive Vice President and Head of Credit, succeeding Bob Derek upon his retirement. The company also reported strong third-quarter earnings, with a GAAP earnings per share of $1.18 and a 6% consecutive rise in adjusted diluted earnings per share to $1.23.
The increase was attributable to an increase in net interest income and a decrease in provisions for credit losses. Sinovos also completed share buybacks worth approximately $100 million during the quarter. In terms of analyst updates, RBC Capital Markets maintained the “Superior Outperform” rating for Sinovos shares, with a price target revision to $57.00. Citi analyst Benjamin Gerlinger also raised Sinovos’ price target to $59.00, while maintaining the “buy” rating”.
In other recent developments, Sinovus announced a $500 million major creditor bond offering maturing in 2030, with proceeds expected to be allocated to general institutional activities. The offering is led by BofA Securities, Inc. and Morgan Stanley & Co. LLC as active joint book runners. Finally, for the fourth quarter, Sinovos provided guidance on adjusted revenue ranging from $560 million to $575 million, expecting a stable net interest margin. The company’s strategic focus is on organic growth rather than acquisitions in the current market environment
