Synovus Financial Corp. to Post FY2017 Earnings of $2.54 Per Share, Jefferies Group Forecasts (SNV)
Synovus Financial Corp. (NYSE:SNV) – Research analysts at Jefferies Group lowered their FY2017 earnings per share (EPS) estimates for Synovus Financial Corp. in a research note issued to investors on Monday. Jefferies Group analyst C. Haire now expects that the bank will earn $2.54 per share for the year, down from their prior forecast of $2.55. Jefferies Group currently has a “Hold” rating and a $47.00 target price on the stock. Jefferies Group also issued estimates for Synovus Financial Corp.’s Q4 2017 earnings at $0.68 EPS, Q2 2018 earnings at $0.71 EPS, Q3 2018 earnings at $0.74 EPS and Q4 2018 earnings at $0.75 EPS.
Synovus Financial Corp. (NYSE:SNV) last posted its earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.01. The company had revenue of $319.80 million during the quarter, compared to the consensus estimate of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 earnings per share.
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A number of other analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a report on Tuesday, September 19th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $42.00 price objective (up from $41.00) on shares of Synovus Financial Corp. in a report on Saturday, September 16th. ValuEngine downgraded shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Robert W. Baird reiterated a “hold” rating and issued a $40.00 price objective on shares of Synovus Financial Corp. in a report on Friday, August 25th. Finally, Stephens set a $46.00 price objective on shares of Synovus Financial Corp. and gave the company a “buy” rating in a report on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $43.30.
Shares of Synovus Financial Corp. (SNV) opened at 47.11 on Wednesday. The company has a market capitalization of $5.72 billion, a P/E ratio of 21.39 and a beta of 1.10. The firm has a 50-day moving average of $43.65 and a 200 day moving average of $42.80. Synovus Financial Corp. has a 52-week low of $31.41 and a 52-week high of $47.32.
Several large investors have recently added to or reduced their stakes in the stock. Phocas Financial Corp. grew its stake in shares of Synovus Financial Corp. by 4.6% in the second quarter. Phocas Financial Corp. now owns 348,500 shares of the bank’s stock valued at $15,418,000 after buying an additional 15,374 shares in the last quarter. Advisory Services Network LLC grew its stake in shares of Synovus Financial Corp. by 17.8% in the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after buying an additional 519 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Synovus Financial Corp. in the second quarter valued at $278,000. Koch Industries Inc. bought a new position in shares of Synovus Financial Corp. in the second quarter valued at $283,000. Finally, Keel Point LLC grew its stake in shares of Synovus Financial Corp. by 8.7% in the second quarter. Keel Point LLC now owns 6,262 shares of the bank’s stock valued at $277,000 after buying an additional 501 shares in the last quarter. 77.87% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Kevin Joseph Howard sold 7,000 shares of the firm’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $43.37, for a total value of $303,590.00. Following the completion of the transaction, the executive vice president now directly owns 46,490 shares of the company’s stock, valued at $2,016,271.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Curtis J. Perry sold 7,062 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $43.86, for a total transaction of $309,739.32. Following the completion of the transaction, the executive vice president now directly owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 21st were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, September 20th. This represents a $0.60 annualized dividend and a dividend yield of 1.27%. Synovus Financial Corp.’s dividend payout ratio is presently 27.15%.
Synovus Financial Corp. Company Profile
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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