Synovus Financial Corp. (SNV) Forecasted to Earn Q1 2017 Earnings of $0.49 Per Share
Synovus Financial Corp. (NYSE:SNV) – Jefferies Group issued their Q1 2017 earnings per share estimates for Synovus Financial Corp. in a report released on Tuesday. Jefferies Group analyst E. Harmon expects that the firm will post earnings of $0.49 per share for the quarter. Jefferies Group also issued estimates for Synovus Financial Corp.’s Q2 2017 earnings at $0.52 EPS, Q3 2017 earnings at $0.53 EPS and Q4 2017 earnings at $0.56 EPS.
Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings results on Tuesday, July 19th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.47 by $0.02. The business had revenue of $289.30 million for the quarter, compared to analyst estimates of $288.06 million. Synovus Financial Corp. had a net margin of 18.39% and a return on equity of 8.42%. During the same period in the prior year, the business earned $0.40 earnings per share.
Several other analysts also recently weighed in on the stock. Credit Agricole SA upgraded shares of Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and lifted their price objective for the company from $30.00 to $33.00 in a research report on Friday, September 23rd. Zacks Investment Research upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research report on Tuesday, September 20th. Wells Fargo & Co. downgraded shares of Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research report on Tuesday, August 23rd. Hovde Group lifted their price objective on shares of Synovus Financial Corp. from $34.00 to $35.50 and gave the company an “outperform” rating in a research report on Friday, August 19th. Finally, Barclays PLC lifted their price objective on shares of Synovus Financial Corp. from $29.00 to $31.00 and gave the company an “underweight” rating in a research report on Wednesday, July 20th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $31.44.
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Synovus Financial Corp. (NYSE:SNV) traded down 2.61% during mid-day trading on Thursday, hitting $31.70. 661,516 shares of the stock traded hands. The stock has a 50 day moving average price of $32.65 and a 200 day moving average price of $30.94. The firm has a market cap of $3.90 billion, a PE ratio of 18.76 and a beta of 1.72. Synovus Financial Corp. has a 12-month low of $25.48 and a 12-month high of $33.80.
Several institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA boosted its position in shares of Synovus Financial Corp. by 238.1% in the second quarter. BNP Paribas Arbitrage SA now owns 62,043 shares of the company’s stock valued at $1,799,000 after buying an additional 43,692 shares in the last quarter. BlueMountain Capital Management LLC boosted its position in shares of Synovus Financial Corp. by 108.6% in the first quarter. BlueMountain Capital Management LLC now owns 35,966 shares of the company’s stock valued at $1,040,000 after buying an additional 18,724 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of 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 valued at $2,657,000 after buying an additional 29,270 shares in the last quarter. HBK Investments L P acquired a new position in shares of Synovus Financial Corp. during the first quarter valued at about $332,000. Finally, Nordea Investment Management AB boosted its position in shares of Synovus Financial Corp. by 360.4% in the second quarter. Nordea Investment Management AB now owns 21,177 shares of the company’s stock valued at $614,000 after buying an additional 16,577 shares in the last quarter. 76.83% of the stock is currently owned by institutional investors.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders 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 annualized dividend and a dividend yield of 1.47%. Synovus Financial Corp.’s dividend payout ratio is currently 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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