Synovus Financial Corp. (SNV) Expected to Post Earnings of $0.78 Per Share

Brokerages expect Synovus Financial Corp. (NYSE:SNV) to post earnings per share of $0.78 for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Synovus Financial’s earnings. The highest EPS estimate is $0.80 and the lowest is $0.76. Synovus Financial posted earnings per share of $0.57 during the same quarter last year, which indicates a positive year-over-year growth rate of 36.8%. The company is scheduled to report its next earnings report on Monday, April 16th.

On average, analysts expect that Synovus Financial will report full-year earnings of $3.42 per share for the current financial year, with EPS estimates ranging from $3.30 to $3.56. For the next fiscal year, analysts anticipate that the business will report earnings of $3.71 per share, with EPS estimates ranging from $3.59 to $3.80. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that that provide coverage for Synovus Financial.

Synovus Financial (NYSE:SNV) last announced its earnings results on Tuesday, January 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.05. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The company had revenue of $339.07 million during the quarter, compared to analyst estimates of $338.60 million. During the same period in the previous year, the business earned $0.54 earnings per share. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year.

Several analysts have issued reports on the stock. Robert W. Baird restated an “average” rating and set a $47.00 price target on shares of Synovus Financial in a research report on Wednesday, January 3rd. Keefe, Bruyette & Woods restated a “hold” rating and set a $48.00 price target on shares of Synovus Financial in a research report on Thursday, October 19th. SunTrust Banks restated a “buy” rating and set a $51.00 price target on shares of Synovus Financial in a research report on Thursday, October 12th. Morgan Stanley upped their price target on shares of Synovus Financial from $50.00 to $52.00 and gave the company an “underperform” rating in a research report on Friday, January 26th. Finally, Jefferies Group restated a “hold” rating and set a $50.00 price target on shares of Synovus Financial in a research report on Thursday, October 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $51.92.

Shares of Synovus Financial (NYSE SNV) opened at $47.23 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 0.97. Synovus Financial has a 1 year low of $37.95 and a 1 year high of $52.08. The stock has a market cap of $5,908.01, a PE ratio of 21.76, a price-to-earnings-growth ratio of 1.82 and a beta of 1.12.

Synovus Financial announced that its board has authorized a share buyback program on Tuesday, January 23rd that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

In other news, COO Allen J. Gula sold 2,450 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.22, for a total transaction of $123,039.00. Following the completion of the sale, the chief operating officer now directly owns 70,111 shares in the company, valued at $3,520,974.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Mark G. Holladay sold 5,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.16, for a total transaction of $250,800.00. Following the sale, the vice president now owns 52,063 shares of the company’s stock, valued at $2,611,480.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,502 shares of company stock valued at $425,198. 1.50% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of SNV. PNC Financial Services Group Inc. boosted its holdings in shares of 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 purchasing an additional 583 shares during the period. M&T Bank Corp boosted its holdings in shares of Synovus Financial by 1.3% during the second quarter. M&T Bank Corp now owns 7,288 shares of the bank’s stock worth $322,000 after purchasing an additional 91 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in shares of Synovus Financial by 3.4% during the second quarter. Parametric Portfolio Associates LLC now owns 177,016 shares of the bank’s stock worth $7,831,000 after purchasing an additional 5,900 shares during the period. Numeric Investors LLC purchased a new stake in shares of Synovus Financial during the second quarter worth about $677,000. Finally, QS Investors LLC boosted its holdings in shares of Synovus Financial by 11.0% during the second quarter. QS Investors LLC now owns 10,039 shares of the bank’s stock worth $444,000 after purchasing an additional 993 shares during the period. Institutional investors own 78.40% of the company’s stock.

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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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Earnings History and Estimates for Synovus Financial (NYSE:SNV)

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