Synovus Financial Corp. (SNV) Expected to Post Earnings of $0.68 Per Share

Brokerages forecast that Synovus Financial Corp. (NYSE:SNV) will report $0.68 earnings per share (EPS) for the current quarter, according to Zacks. Seven analysts have made estimates for Synovus Financial’s earnings, with the lowest EPS estimate coming in at $0.65 and the highest estimate coming in at $0.69. Synovus Financial posted earnings per share of $0.54 during the same quarter last year, which would suggest a positive year-over-year growth rate of 25.9%. The company is scheduled to report its next quarterly earnings report before the market opens on Tuesday, January 23rd.

According to Zacks, analysts expect that Synovus Financial will report full year earnings of $2.45 per share for the current fiscal year, with EPS estimates ranging from $2.33 to $2.59. For the next year, analysts expect that the business will report earnings of $3.00 per share, with EPS estimates ranging from $2.75 to $3.39. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow Synovus Financial.

Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.64 by $0.01. The company had revenue of $398.01 million during the quarter, compared to analyst estimates of $331.27 million. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. During the same quarter last year, the firm earned $0.65 EPS.

Several research analysts have recently commented on SNV shares. Jefferies Group reiterated a “hold” rating and issued a $50.00 target price on shares of Synovus Financial in a research report on Thursday, October 12th. Robert W. Baird restated a “hold” rating and set a $43.00 price objective on shares of Synovus Financial in a research report on Friday, October 20th. Keefe, Bruyette & Woods restated a “hold” rating and set a $48.00 price objective on shares of Synovus Financial in a research report on Thursday, October 19th. Zacks Investment Research lowered Synovus Financial from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $42.00 price objective (up previously from $41.00) on shares of Synovus Financial in a research report on Saturday, September 16th. One analyst has rated the stock with a sell rating, ten have issued 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 an average price target of $47.00.

In other Synovus Financial news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the business’s stock in a transaction on Thursday, October 19th. The stock was sold at an average price of $46.29, for a total transaction of $462,900.00. Following the completion of the transaction, the executive vice president now owns 43,488 shares in the company, valued at approximately $2,013,059.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Philip W. Tomlinson sold 1,052 shares of the business’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $48.82, for a total value of $51,358.64. Following the transaction, the director now owns 27,139 shares of the company’s stock, valued at approximately $1,324,925.98. The disclosure for this sale can be found here. Insiders have sold a total of 13,177 shares of company stock valued at $614,367 in the last 90 days. Insiders own 1.50% of the company’s stock.

A number of hedge funds have recently made changes to their positions in SNV. Schwab Charles Investment Management Inc. boosted its position in Synovus Financial by 1.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 635,793 shares of the bank’s stock worth $28,128,000 after acquiring an additional 10,009 shares during the period. Legal & General Group Plc boosted its position in Synovus Financial by 9.0% during the 2nd quarter. Legal & General Group Plc now owns 134,380 shares of the bank’s stock worth $5,945,000 after acquiring an additional 11,074 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Synovus Financial by 11.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock worth $204,000 after acquiring an additional 474 shares during the period. Principal Financial Group Inc. boosted its position in Synovus Financial by 2.8% during the 2nd quarter. Principal Financial Group Inc. now owns 515,967 shares of the bank’s stock worth $22,827,000 after acquiring an additional 14,079 shares during the period. Finally, Pacad Investment Ltd. acquired a new position in Synovus Financial during the 2nd quarter worth $239,000. Institutional investors own 77.81% of the company’s stock.

Shares of Synovus Financial (NYSE:SNV) traded up $0.43 on Friday, hitting $49.86. The stock had a trading volume of 748,784 shares, compared to its average volume of 740,121. The firm has a market cap of $5,960.00, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 2.09 and a beta of 1.13. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.66. Synovus Financial has a one year low of $37.95 and a one year high of $51.09.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors 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 yield of 1.20%. Synovus Financial’s dividend payout ratio is currently 24.19%.

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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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