Q2 2018 Earnings Estimate for Synovus (SNV) Issued By FIG Partners

Synovus (NYSE:SNV) – Analysts at FIG Partners lowered their Q2 2018 EPS estimates for Synovus in a note issued to investors on Tuesday, May 15th. FIG Partners analyst C. Marinac now anticipates that the bank will post earnings per share of $0.87 for the quarter, down from their prior estimate of $0.88. FIG Partners also issued estimates for Synovus’ FY2018 earnings at $3.58 EPS, Q4 2019 earnings at $1.01 EPS and FY2019 earnings at $3.90 EPS.

A number of other equities analysts also recently commented on SNV. Hovde Group restated a “hold” rating and set a $53.00 price objective on shares of Synovus in a research report on Tuesday, January 23rd. Bank of America upped their price objective on shares of Synovus from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Stephens restated a “buy” rating and set a $56.00 price objective on shares of Synovus in a research report on Wednesday, January 24th. Barclays upped their price objective on shares of Synovus from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. Finally, Morgan Stanley upped their price objective on shares of Synovus from $50.00 to $52.00 and gave the stock an “underperform” rating in a research report on Friday, January 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $53.40.

Shares of Synovus stock opened at $54.46 on Friday. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 19.15, a PEG ratio of 1.90 and a beta of 1.06. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.66. Synovus has a one year low of $53.85 and a one year high of $54.15.

Synovus (NYSE:SNV) last issued its quarterly earnings results on Tuesday, April 24th. The bank reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.08. The firm had revenue of $341.30 million during the quarter, compared to analysts’ expectations of $343.04 million. Synovus had a net margin of 19.87% and a return on equity of 12.29%. Synovus’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 EPS.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Swiss National Bank increased its holdings in shares of Synovus by 0.5% in the 1st quarter. Swiss National Bank now owns 207,971 shares of the bank’s stock valued at $10,386,000 after purchasing an additional 1,000 shares in the last quarter. Verition Fund Management LLC increased its holdings in shares of Synovus by 8.8% in the 1st quarter. Verition Fund Management LLC now owns 12,487 shares of the bank’s stock valued at $624,000 after purchasing an additional 1,013 shares in the last quarter. Maltese Capital Management LLC increased its holdings in shares of Synovus by 0.3% in the 4th quarter. Maltese Capital Management LLC now owns 405,065 shares of the bank’s stock valued at $19,419,000 after purchasing an additional 1,065 shares in the last quarter. Signature Estate & Investment Advisors LLC increased its holdings in shares of Synovus by 7.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 15,884 shares of the bank’s stock valued at $761,000 after purchasing an additional 1,098 shares in the last quarter. Finally, Chicago Equity Partners LLC increased its holdings in shares of Synovus by 0.8% in the 4th quarter. Chicago Equity Partners LLC now owns 157,510 shares of the bank’s stock valued at $7,551,000 after purchasing an additional 1,245 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

In other news, EVP Curtis J. Perry sold 2,000 shares of the stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $54.36, for a total value of $108,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.50% of the company’s stock.

Synovus announced that its Board of Directors has approved a share buyback plan on Tuesday, January 23rd that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

About Synovus

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

Earnings History and Estimates for Synovus (NYSE:SNV)

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