Q1 2018 EPS Estimates for Synovus Financial Corp. (SNV) Increased by Analyst
Synovus Financial Corp. (NYSE:SNV) – Analysts at SunTrust Banks lifted their Q1 2018 earnings per share estimates for Synovus Financial in a report issued on Monday. SunTrust Banks analyst J. Demba now forecasts that the bank will earn $0.75 per share for the quarter, up from their previous forecast of $0.63. SunTrust Banks currently has a “Buy” rating and a $54.00 target price on the stock. SunTrust Banks also issued estimates for Synovus Financial’s Q2 2018 earnings at $0.82 EPS, Q3 2018 earnings at $0.88 EPS, Q4 2018 earnings at $0.90 EPS, Q1 2019 earnings at $0.82 EPS, Q2 2019 earnings at $0.89 EPS, Q3 2019 earnings at $0.91 EPS and Q4 2019 earnings at $0.96 EPS.
Several other analysts have also recently issued reports on SNV. Zacks Investment Research cut Synovus Financial from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. Robert W. Baird reissued a “hold” rating and issued a $43.00 target price on shares of Synovus Financial in a research note on Friday, October 20th. ValuEngine cut Synovus Financial from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Sanford C. Bernstein reissued a “market perform” rating and issued a $42.00 target price (up from $41.00) on shares of Synovus Financial in a research note on Saturday, September 16th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $48.00 price objective on shares of Synovus Financial in a research report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. Synovus Financial has an average rating of “Hold” and an average target price of $47.00.
Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. The business had revenue of $398.01 million for the quarter, compared to the consensus estimate of $331.27 million. During the same quarter last year, the business posted $0.65 earnings per share.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend was Wednesday, December 20th. Synovus Financial’s dividend payout ratio is 24.19%.
In other Synovus Financial news, COO Allen J. Gula sold 2,125 shares of the firm’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $47.11, for a total value of $100,108.75. Following the completion of the transaction, the chief operating officer now owns 72,561 shares of the company’s stock, valued at $3,418,348.71. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 19th. The stock was sold at an average price of $46.29, for a total transaction of $462,900.00. Following the transaction, the executive vice president now directly owns 43,488 shares of the company’s stock, valued at approximately $2,013,059.52. The disclosure for this sale can be found here. Insiders have sold a total of 13,177 shares of company stock worth $614,367 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Balentine LLC grew its position in shares of Synovus Financial by 0.4% in the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after purchasing an additional 12 shares during the period. TLP Group LLC acquired a new position in Synovus Financial during the second quarter worth about $145,000. Advisory Services Network LLC boosted its position in Synovus Financial 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 acquiring an additional 519 shares during the last quarter. Patten Group Inc. boosted its position in Synovus Financial by 61.1% during the third quarter. Patten Group Inc. now owns 5,729 shares of the bank’s stock worth $164,000 after acquiring an additional 2,172 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Synovus Financial by 16.5% during the second quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock worth $182,000 after acquiring an additional 583 shares during the last quarter. 77.81% of the stock is owned by hedge funds and other institutional investors.
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Synovus Financial 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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