Synovus Financial Corp. (SNV) Expected to Post Quarterly Sales of $341.73 Million

Brokerages expect Synovus Financial Corp. (NYSE:SNV) to report $341.73 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Synovus Financial’s earnings. The highest sales estimate is $344.20 million and the lowest is $339.60 million. Synovus Financial posted sales of $311.77 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 9.6%. The company is scheduled to announce its next quarterly earnings results on Monday, April 16th.

According to Zacks, analysts expect that Synovus Financial will report full-year sales of $341.73 million for the current fiscal year, with estimates ranging from $1.39 billion to $1.44 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.51 billion per share, with estimates ranging from $1.46 billion to $1.54 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Synovus Financial.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating the Zacks’ 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 the consensus estimate of $338.60 million. During the same quarter in the prior year, the company posted $0.54 EPS. The company’s quarterly revenue was up 10.3% compared to the same quarter last year.

A number of research firms have recently commented on SNV. Morgan Stanley upped their price objective on shares of Synovus Financial from $50.00 to $52.00 and gave the company an “underperform” rating in a research note on Friday, January 26th. Hovde Group reaffirmed a “hold” rating and set a $53.00 price objective on shares of Synovus Financial in a research note on Tuesday, January 23rd. Bank of America upped their price objective on shares of Synovus Financial from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Stephens reaffirmed a “buy” rating and set a $56.00 price objective on shares of Synovus Financial in a research note on Wednesday, January 24th. Finally, Barclays upped their price objective on shares of Synovus Financial from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Synovus Financial currently has an average rating of “Hold” and a consensus price target of $51.92.

Synovus Financial (NYSE:SNV) opened at $48.11 on Friday. Synovus Financial has a one year low of $37.95 and a one year high of $52.08. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. The company has a market cap of $5,860.00, a PE ratio of 22.17, a PEG ratio of 1.73 and a beta of 1.12.

Synovus Financial announced that its board has initiated a share buyback program on Tuesday, January 23rd that allows the company to buyback $150.00 million in shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

In related news, COO Allen J. Gula sold 2,450 shares of the stock in a transaction that occurred on 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 owns 70,111 shares of the company’s stock, valued at approximately $3,520,974.42. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Mark G. Holladay sold 5,000 shares of the stock in a transaction that occurred on 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 directly owns 52,063 shares of the company’s stock, valued at approximately $2,611,480.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,502 shares of company stock valued at $425,198. Corporate insiders own 1.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. PNC Financial Services Group Inc. boosted its holdings in Synovus Financial by 16.5% in the 2nd 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 period. Parametric Portfolio Associates LLC boosted its holdings in Synovus Financial by 3.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 177,016 shares of the bank’s stock worth $7,831,000 after acquiring an additional 5,900 shares during the period. QS Investors LLC boosted its holdings in Synovus Financial by 11.0% in the 2nd quarter. QS Investors LLC now owns 10,039 shares of the bank’s stock worth $444,000 after acquiring an additional 993 shares during the period. HighTower Advisors LLC boosted its holdings in Synovus Financial by 28.2% in the 2nd quarter. HighTower Advisors LLC now owns 14,393 shares of the bank’s stock worth $638,000 after acquiring an additional 3,170 shares during the period. Finally, Janus Henderson Group PLC purchased a new position in Synovus Financial in the 2nd quarter worth approximately $6,189,000. Hedge funds and other institutional investors own 78.40% of the company’s stock.

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

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