Jefferies Group Equities Analysts Reduce Earnings Estimates for Synovus Financial Corp. (SNV)
Synovus Financial Corp. (NYSE:SNV) – Analysts at Jefferies Group reduced their FY2017 earnings per share (EPS) estimates for Synovus Financial Corp. in a research report issued to clients and investors on Friday. Jefferies Group analyst E. Harmon now forecasts that the brokerage will post earnings of $2.10 per share for the year, down from their previous forecast of $2.15. Jefferies Group also issued estimates for Synovus Financial Corp.’s FY2018 earnings at $2.30 EPS.
Synovus Financial Corp. (NYSE:SNV) last released its earnings results on Tuesday, July 19th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.02. Synovus Financial Corp. had a return on equity of 8.42% and a net margin of 18.39%. The firm earned $289.30 million during the quarter, compared to analysts’ expectations of $288.06 million. During the same period in the prior year, the company earned $0.40 earnings per share.
Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reissued a “hold” rating on shares of Synovus Financial Corp. in a research report on Saturday, July 9th. Bank of America Corp. cut shares of Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 29th. Zacks Investment Research cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, June 30th. Barclays PLC lifted their target price on shares of Synovus Financial Corp. from $29.00 to $31.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 20th. Finally, Credit Agricole SA upgraded shares of Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and raised their price target for the stock from $30.00 to $33.00 in a research note on Friday, September 23rd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $31.44.
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Shares of Synovus Financial Corp. (NYSE:SNV) opened at 33.21 on Monday. The firm’s 50-day moving average price is $32.61 and its 200 day moving average price is $30.87. The company has a market capitalization of $4.08 billion, a PE ratio of 19.65 and a beta of 1.72. Synovus Financial Corp. has a 1-year low of $25.48 and a 1-year high of $33.80.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. BNP Paribas Arbitrage SA raised its position in Synovus Financial Corp. by 238.1% in the second quarter. BNP Paribas Arbitrage SA now owns 62,043 shares of the company’s stock worth $1,799,000 after buying an additional 43,692 shares in the last quarter. BlueMountain Capital Management LLC raised its position in Synovus Financial Corp. by 108.6% in the first quarter. BlueMountain Capital Management LLC now owns 35,966 shares of the company’s stock worth $1,040,000 after buying an additional 18,724 shares during the period. Jacobs Levy Equity Management Inc. raised its position in Synovus Financial Corp. by 46.7% in the first quarter. Jacobs Levy Equity Management Inc. now owns 91,922 shares of the company’s stock worth $2,657,000 after buying an additional 29,270 shares during the period. HBK Investments L P purchased a new position in Synovus Financial Corp. during the first quarter worth approximately $332,000. Finally, Nordea Investment Management AB raised its position in Synovus Financial Corp. by 360.4% in the second quarter. Nordea Investment Management AB now owns 21,177 shares of the company’s stock worth $614,000 after buying an additional 16,577 shares during the period. Institutional investors and hedge funds own 76.83% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were paid a $0.12 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a yield of 1.45%. Synovus Financial Corp.’s dividend payout ratio is 28.24%.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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