Analysts forecast that Synovus Financial Corp. (NYSE:SNV) will post earnings of $0.64 per share for the current quarter, Zacks reports. Seven analysts have made estimates for Synovus Financial Corp.’s earnings. The highest EPS estimate is $0.66 and the lowest is $0.61. Synovus Financial Corp. reported earnings per share of $0.52 during the same quarter last year, which suggests a positive year over year growth rate of 23.1%. The business is scheduled to report its next earnings report on Tuesday, October 17th.
On average, analysts expect that Synovus Financial Corp. will report full year earnings of $2.45 per share for the current year, with EPS estimates ranging from $2.39 to $2.55. For the next fiscal year, analysts anticipate that the business will report earnings of $2.75 per share, with EPS estimates ranging from $2.68 to $2.85. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Synovus Financial Corp..
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. The firm had revenue of $319.80 million during the quarter, compared to analysts’ expectations of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.46 earnings per share.
Several equities analysts recently commented on SNV shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $39.00 price objective on shares of Synovus Financial Corp. in a research note on Monday, April 3rd. Jefferies Group LLC restated a “hold” rating and issued a $47.00 price target on shares of Synovus Financial Corp. in a research report on Wednesday, April 5th. Zacks Investment Research cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Friday, April 7th. Barclays PLC restated an “equal weight” rating and issued a $44.00 price target (up from $42.00) on shares of Synovus Financial Corp. in a research report on Saturday, April 22nd. Finally, Bank of America Corporation upgraded shares of Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Thursday, May 11th. One equities research analyst has rated the stock with a sell rating, nine 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 an average price target of $42.78.
In other Synovus Financial Corp. news, EVP D Wayne Akins, Jr. sold 3,500 shares of Synovus Financial Corp. stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $42.96, for a total transaction of $150,360.00. Following the completion of the sale, the executive vice president now directly owns 34,994 shares in the company, valued at $1,503,342.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.50% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Fox Run Management L.L.C. raised its stake in Synovus Financial Corp. by 72.2% in the first quarter. Fox Run Management L.L.C. now owns 9,300 shares of the bank’s stock worth $381,000 after buying an additional 3,900 shares in the last quarter. Allianz Asset Management AG purchased a new stake in Synovus Financial Corp. during the fourth quarter worth approximately $283,000. Envestnet Asset Management Inc. raised its stake in Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock worth $132,000 after buying an additional 297 shares in the last quarter. Comerica Bank raised its stake in Synovus Financial Corp. by 4.1% in the first quarter. Comerica Bank now owns 94,751 shares of the bank’s stock worth $4,037,000 after buying an additional 3,751 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its position in shares of Synovus Financial Corp. by 2.0% in the first quarter. Mutual of America Capital Management LLC now owns 97,964 shares of the bank’s stock worth $4,018,000 after buying an additional 1,941 shares during the last quarter. Hedge funds and other institutional investors own 77.56% of the company’s stock.
Synovus Financial Corp. (NYSE SNV) opened at 43.45 on Monday. Synovus Financial Corp. has a 52 week low of $29.74 and a 52 week high of $45.38. The firm’s 50-day moving average is $43.54 and its 200-day moving average is $42.13. The company has a market cap of $5.29 billion, a PE ratio of 19.73 and a beta of 1.13.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Thursday, June 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $0.60 annualized dividend and a yield of 1.38%. Synovus Financial Corp.’s dividend payout ratio is currently 27.15%.
Synovus Financial Corp. 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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