Brokerages Expect Synovus Financial Corp. (NYSE:SNV) Will Announce Quarterly Sales of $362.68 Million
Wall Street brokerages expect Synovus Financial Corp. (NYSE:SNV) to announce sales of $362.68 million for the current quarter, Zacks reports. Seven analysts have issued estimates for Synovus Financial Corp.’s earnings, with the lowest sales estimate coming in at $328.14 million and the highest estimate coming in at $407.19 million. Synovus Financial Corp. posted sales of $294.16 million during the same quarter last year, which suggests a positive year over year growth rate of 23.3%. The business is expected to report its next earnings report on Tuesday, October 17th.
On average, analysts expect that Synovus Financial Corp. will report full-year sales of $362.68 million for the current financial year, with estimates ranging from $1.29 billion to $1.38 billion. For the next year, analysts expect that the company will post sales of $1.39 billion per share, with estimates ranging from $1.36 billion to $1.41 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Synovus Financial Corp..
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.01. The company had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 earnings per share.
SNV has been the topic of several recent research reports. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Thursday, April 20th. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Bank of America Corporation upgraded Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Thursday, May 11th. Stephens restated a “buy” rating and set a $46.00 price target on shares of Synovus Financial Corp. in a research report on Wednesday, July 19th. Finally, Barclays PLC restated an “equal weight” rating and set a $44.00 price target (up from $42.00) on shares of Synovus Financial Corp. in a research report on Saturday, April 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $42.78.
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In other news, EVP D Wayne Akins, Jr. sold 3,500 shares of Synovus Financial Corp. stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $42.96, for a total value of $150,360.00. Following the sale, the executive vice president now directly owns 34,994 shares in the company, valued at approximately $1,503,342.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total value of $309,739.32. Following the completion of the sale, the executive vice president now owns 60,038 shares in the company, valued at $2,633,266.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,562 shares of company stock worth $763,689. Corporate insiders own 1.50% of the company’s stock.
Several large investors have recently modified their holdings of SNV. Fox Run Management L.L.C. raised its stake in shares of Synovus Financial Corp. by 72.2% in the first quarter. Fox Run Management L.L.C. now owns 9,300 shares of the bank’s stock worth $381,000 after buying an additional 3,900 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock worth $132,000 after buying an additional 297 shares during the last quarter. Comerica Bank boosted its position in Synovus Financial Corp. by 4.1% in the first quarter. Comerica Bank now owns 94,751 shares of the bank’s stock worth $4,037,000 after buying an additional 3,751 shares during the last quarter. Mutual of America Capital Management LLC boosted its position in Synovus Financial Corp. by 2.0% in the first quarter. Mutual of America Capital Management LLC now owns 97,964 shares of the bank’s stock worth $4,018,000 after buying an additional 1,941 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in Synovus Financial Corp. by 9.1% in the first quarter. California Public Employees Retirement System now owns 350,057 shares of the bank’s stock worth $14,359,000 after buying an additional 29,100 shares during the last quarter. Hedge funds and other institutional investors own 77.56% of the company’s stock.
Synovus Financial Corp. (SNV) traded down 1.01% during trading on Wednesday, hitting $43.95. The company had a trading volume of 231,987 shares. Synovus Financial Corp. has a 1-year low of $29.74 and a 1-year high of $45.38. The company’s 50 day moving average price is $43.54 and its 200-day moving average price is $42.13. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of 19.96 and a beta of 1.13.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th were given a $0.15 dividend. The ex-dividend date was 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 is currently 27.15%.
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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