FY2018 Earnings Forecast for Synovus Financial Corp. Issued By Jefferies Group (SNV)
Synovus Financial Corp. (NYSE:SNV) – Stock analysts at Jefferies Group increased their FY2018 earnings per share (EPS) estimates for shares of Synovus Financial in a note issued to investors on Monday. Jefferies Group analyst C. Haire now anticipates that the bank will post earnings of $3.40 per share for the year, up from their prior forecast of $3.00. Jefferies Group currently has a “Hold” rating and a $50.00 target price on the stock. Jefferies Group also issued estimates for Synovus Financial’s FY2019 earnings at $3.63 EPS.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.01. Synovus Financial had a net margin of 21.39% and a return on equity of 10.44%. The company had revenue of $398.01 million for the quarter, compared to analyst estimates of $331.27 million. During the same period in the prior year, the firm earned $0.65 earnings per share.
Synovus Financial (SNV) traded up $0.43 during trading hours on Wednesday, reaching $49.86. 748,700 shares of the company were exchanged, compared to its average volume of 712,617. Synovus Financial has a 1-year low of $37.95 and a 1-year high of $51.09. The company has a market capitalization of $5,960.00, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 2.09 and a beta of 1.13. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.66.
Hedge funds have recently added to or reduced their stakes in the business. Balentine LLC increased its holdings in Synovus Financial by 0.4% in the 2nd quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after buying an additional 12 shares during the period. TLP Group LLC acquired a new stake in shares of Synovus Financial in the 2nd quarter valued at approximately $145,000. Advisory Services Network LLC boosted its stake in shares of Synovus Financial by 17.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after purchasing an additional 519 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Synovus Financial by 16.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock valued at $182,000 after purchasing an additional 583 shares in the last quarter. Finally, Alpine Woods Capital Investors LLC acquired a new stake in shares of Synovus Financial in the 3rd quarter valued at approximately $207,000. 77.81% of the stock is currently owned by hedge funds and other institutional investors.
In other Synovus Financial news, Director Philip W. Tomlinson sold 1,052 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $48.82, for a total value of $51,358.64. Following the transaction, the director now directly owns 27,139 shares of the company’s stock, valued at approximately $1,324,925.98. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $46.29, for a total transaction of $462,900.00. Following the completion of the transaction, the executive vice president now directly owns 43,488 shares in the company, valued at $2,013,059.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,177 shares of company stock worth $614,367. Insiders own 1.50% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 21st were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.20%. The ex-dividend date was Wednesday, December 20th. Synovus Financial’s dividend payout ratio is currently 24.19%.
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About Synovus Financial
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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