SunTrust Banks Brokers Lift Earnings Estimates for Synovus Financial Corp. (SNV)

Synovus Financial Corp. (NYSE:SNV) – Equities research analysts at SunTrust Banks upped their Q1 2018 EPS estimates for Synovus Financial in a research note issued on Monday, according to Zacks Investment Research. SunTrust Banks analyst J. Demba now anticipates that the bank will earn $0.75 per share for the quarter, up from their prior forecast of $0.63. SunTrust Banks has a “Buy” rating and a $54.00 price objective on the stock. SunTrust Banks also issued estimates for Synovus Financial’s Q2 2018 earnings at $0.82 EPS, Q3 2018 earnings at $0.88 EPS, Q4 2018 earnings at $0.90 EPS, Q1 2019 earnings at $0.82 EPS, Q2 2019 earnings at $0.89 EPS, Q3 2019 earnings at $0.91 EPS and Q4 2019 earnings at $0.96 EPS.

A number of other research analysts have also weighed in on SNV. Jefferies Group reiterated a “hold” rating and issued a $50.00 price objective on shares of Synovus Financial in a research note on Thursday, October 12th. Barclays set a $49.00 price objective on shares of Synovus Financial and gave the company a “hold” rating in a research note on Wednesday, October 18th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $48.00 price objective on shares of Synovus Financial in a research note on Thursday, October 19th. Robert W. Baird reiterated a “hold” rating and issued a $43.00 price objective on shares of Synovus Financial in a research note on Friday, October 20th. Finally, Zacks Investment Research lowered shares of Synovus Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $51.92.

Synovus Financial (NYSE SNV) traded up $0.92 during trading on Tuesday, reaching $51.31. 1,080,284 shares of the company were exchanged, compared to its average volume of 938,199. Synovus Financial has a fifty-two week low of $37.95 and a fifty-two week high of $52.08. The stock has a market cap of $6,005.50, a price-to-earnings ratio of 23.65, a price-to-earnings-growth ratio of 1.85 and a beta of 1.13. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.97 and a quick ratio of 0.97.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.05. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The business 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 EPS. Synovus Financial’s revenue was up 10.3% compared to the same quarter last year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, December 20th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.17%. Synovus Financial’s dividend payout ratio (DPR) is currently 27.65%.

Synovus Financial announced that its board has authorized a stock repurchase program on Tuesday, January 23rd that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

In other news, Director Philip W. Tomlinson sold 1,052 shares of Synovus Financial stock in a transaction on Friday, December 8th. The shares were sold at an average price of $48.82, for a total transaction of $51,358.64. Following the completion of the sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Allen J. Gula sold 2,450 shares of Synovus Financial stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total transaction of $123,039.00. Following the sale, the chief operating officer now directly owns 70,111 shares of the company’s stock, valued at $3,520,974.42. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cerebellum GP LLC bought a new stake in shares of Synovus Financial during the 4th quarter worth $124,000. Balentine LLC lifted its stake in Synovus Financial by 0.4% in the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after purchasing an additional 12 shares during the last quarter. TLP Group LLC bought a new stake in Synovus Financial in the second quarter worth $145,000. Advisory Services Network LLC lifted its stake in Synovus Financial by 17.8% in the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after purchasing an additional 519 shares during the last quarter. Finally, Contravisory Investment Management Inc. bought a new stake in Synovus Financial in the fourth quarter worth $171,000. 77.66% of the stock is owned by institutional investors.

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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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