Synovus Financial Corp. (SNV) Expected to Announce Earnings of $0.67 Per Share
Wall Street analysts expect Synovus Financial Corp. (NYSE:SNV) to report earnings of $0.67 per share for the current quarter, Zacks reports. Seven analysts have issued estimates for Synovus Financial Corp.’s earnings. The highest EPS estimate is $0.69 and the lowest is $0.65. Synovus Financial Corp. posted earnings of $0.54 per share in the same quarter last year, which would suggest a positive year over year growth rate of 24.1%. The firm is expected to announce its next quarterly earnings report on Tuesday, January 16th.
On average, analysts expect that Synovus Financial Corp. will report full-year earnings of $2.48 per share for the current year, with EPS estimates ranging from $2.33 to $2.59. For the next fiscal year, analysts forecast that the company will report earnings of $2.84 per share, with EPS estimates ranging from $2.70 to $3.00. Zacks’ EPS calculations are an average based on a survey of analysts that that provide coverage for Synovus Financial Corp..
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. Synovus Financial Corp. had a net margin of 21.39% and a return on equity of 10.44%. The firm had revenue of $398.01 million during the quarter, compared to the consensus estimate of $331.27 million. During the same period in the prior year, the firm earned $0.65 EPS.
Several equities analysts have commented on the stock. Jefferies Group LLC reiterated a “hold” rating and issued a $50.00 price objective on shares of Synovus Financial Corp. in a report on Thursday, October 12th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $51.00 price objective on shares of Synovus Financial Corp. in a report on Thursday, October 12th. Robert W. Baird reiterated a “hold” rating and issued a $43.00 price objective on shares of Synovus Financial Corp. in a report on Friday, October 20th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $48.00 price objective on shares of Synovus Financial Corp. in a report on Thursday, October 19th. Finally, Barclays PLC set a $49.00 price objective on shares of Synovus Financial Corp. and gave the company a “hold” rating in a report on Wednesday, October 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $45.09.
Shares of Synovus Financial Corp. (SNV) opened at 47.06 on Wednesday. The company has a market capitalization of $5.63 billion, a P/E ratio of 19.04 and a beta of 1.10. The firm has a 50-day moving average of $44.91 and a 200-day moving average of $43.25. Synovus Financial Corp. has a one year low of $32.21 and a one year high of $47.67.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Thursday, September 21st were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, September 20th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.27%. Synovus Financial Corp.’s payout ratio is presently 24.19%.
In other news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $46.29, for a total value of $462,900.00. Following the completion of the sale, the executive vice president now owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.
Several institutional investors have recently made changes to their positions in SNV. Fox Run Management L.L.C. bought a new stake in Synovus Financial Corp. during the third quarter worth about $1,064,000. APG Asset Management N.V. bought a new stake in Synovus Financial Corp. during the third quarter worth about $1,156,000. Meeder Asset Management Inc. lifted its position in Synovus Financial Corp. by 154.3% during the third quarter. Meeder Asset Management Inc. now owns 8,363 shares of the bank’s stock worth $385,000 after purchasing an additional 5,074 shares during the period. Phocas Financial Corp. lifted its position in Synovus Financial Corp. by 4.6% during the second quarter. Phocas Financial Corp. now owns 348,500 shares of the bank’s stock worth $15,418,000 after purchasing an additional 15,374 shares during the period. Finally, Advisory Services Network LLC lifted its position in Synovus Financial Corp. by 17.8% during the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after purchasing an additional 519 shares during the period. 77.90% of the stock is owned by institutional investors.
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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