Synovus Financial Corp. (SNV) Expected to Post Quarterly Sales of $317.32 Million
Equities research analysts expect that Synovus Financial Corp. (NYSE:SNV) will report sales of $317.32 million for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for Synovus Financial Corp.’s earnings. The highest sales estimate is $320.00 million and the lowest is $314.99 million. Synovus Financial Corp. posted sales of $289.34 million in the same quarter last year, which would indicate a positive year over year growth rate of 9.7%. The firm is expected to announce its next earnings report before the market opens on Tuesday, July 18th.
According to Zacks, analysts expect that Synovus Financial Corp. will report full-year sales of $317.32 million for the current year, with estimates ranging from $1.28 billion to $1.35 billion. For the next fiscal year, analysts expect that the business will report sales of $1.37 billion per share, with estimates ranging from $1.35 billion to $1.38 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Synovus Financial Corp..
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings results on Tuesday, April 18th. The bank reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.06. Synovus Financial Corp. had a net margin of 20.04% and a return on equity of 9.50%. The business had revenue of $311.77 million for the quarter, compared to analysts’ expectations of $303.05 million. During the same quarter last year, the firm earned $0.43 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year.
Several equities research analysts recently commented on SNV shares. Barclays PLC reissued an “equal weight” rating and set a $44.00 price objective (up previously from $42.00) on shares of Synovus Financial Corp. in a research note on Saturday, April 22nd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $39.00 target price on shares of Synovus Financial Corp. in a research note on Monday, April 3rd. Evercore ISI downgraded shares of Synovus Financial Corp. to a “buy” rating in a research note on Friday, March 3rd. Bank of America Corporation upgraded shares of Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Thursday, May 11th. Finally, Zacks Investment Research downgraded shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Friday, April 7th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $38.81.
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Shares of Synovus Financial Corp. (SNV) traded down 0.05% during trading on Friday, reaching $44.39. 320,245 shares of the company traded hands. The firm’s 50 day moving average is $42.32 and its 200-day moving average is $41.78. Synovus Financial Corp. has a 12-month low of $27.26 and a 12-month high of $44.76. The stock has a market capitalization of $5.43 billion, a P/E ratio of 21.53 and a beta of 1.13.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. Synovus Financial Corp.’s dividend payout ratio (DPR) is presently 28.99%.
In other news, EVP Jeffrey Barton Singleton sold 10,500 shares of the firm’s stock in a transaction dated Friday, April 21st. The shares were sold at an average price of $41.96, for a total value of $440,580.00. Following the completion of the sale, the executive vice president now owns 58,781 shares in the company, valued at approximately $2,466,450.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP D Wayne Akins, Jr. sold 3,500 shares of the firm’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $42.96, for a total transaction of $150,360.00. Following the completion of the sale, the executive vice president now owns 34,994 shares of the company’s stock, valued at approximately $1,503,342.24. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Synovus Financial Corp. by 5,961.9% in the first quarter. BlackRock Inc. now owns 10,236,350 shares of the bank’s stock valued at $419,894,000 after buying an additional 10,067,487 shares in the last quarter. Norges Bank bought a new position in Synovus Financial Corp. during the fourth quarter valued at approximately $45,273,000. Martingale Asset Management L P increased its position in Synovus Financial Corp. by 477.2% in the first quarter. Martingale Asset Management L P now owns 784,741 shares of the bank’s stock valued at $32,192,000 after buying an additional 648,778 shares in the last quarter. Credit Suisse AG increased its position in Synovus Financial Corp. by 54.8% in the first quarter. Credit Suisse AG now owns 1,325,506 shares of the bank’s stock valued at $54,372,000 after buying an additional 469,509 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Synovus Financial Corp. by 3.7% in the first quarter. Vanguard Group Inc. now owns 10,598,706 shares of the bank’s stock valued at $434,759,000 after buying an additional 375,030 shares in the last quarter. Hedge funds and other institutional investors own 78.39% of the company’s stock.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services company 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 locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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