Synovus Financial Declares Its First Dividend of 2013

Synovus Financial has declared its latest quarterly dividend, and its first for 2013. The company will hand out $0.01 per share of its common stock on April 1 to shareholders of record as of March 21. This matches the banking group's previous distribution, which has stood at the same level since early 2009. It has paid dividends in most quarters since that time.

Prior to that, the company paid $0.06 per share.

In its most recent quarter, the company reported a surge in net profit on the back of a sizable tax benefit. Its bottom line came in at $726 million for the period, against the $27 million it netted in the same period the previous year.

The current dividend annualizes to $0.04 per share. That yields 1.5% at Synovus Financial's current stock price of $2.63.

The article Synovus Financial Declares Its First Dividend of 2013 originally appeared on Fool.com.

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