Synovus Financial Corp. (NYSE:SNV) - Analysts at Jefferies Group lifted their Q3 2017 earnings per share (EPS) estimates for Synovus Financial Corp. in a research report issued to clients and investors on Thursday. Jefferies Group analyst C. Haire now forecasts that the bank will post earnings of $0.66 per share for the quarter, up from their previous forecast of $0.64. Jefferies Group has a “Hold” rating and a $47.00 price objective on the stock. Jefferies Group also issued estimates for Synovus Financial Corp.’s Q4 2017 earnings at $0.69 EPS, FY2017 earnings at $2.55 EPS and FY2018 earnings at $2.85 EPS.
Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The company had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. During the same period last year, the firm earned $0.46 earnings per share. The firm’s revenue was up 10.5% on a year-over-year basis.
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SNV has been the subject of several other reports. ValuEngine raised Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Zacks Investment Research raised Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Thursday, April 20th. Barclays PLC reaffirmed an “equal weight” rating and set a $44.00 target price (up from $42.00) on shares of Synovus Financial Corp. in a research note on Saturday, April 22nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $43.00 target price on shares of Synovus Financial Corp. in a research note on Friday, May 19th. Finally, Bank of America Corporation raised Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Thursday, May 11th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $42.78.
Synovus Financial Corp. (NYSE:SNV) opened at 43.45 on Friday. The company’s 50 day moving average is $43.54 and its 200-day moving average is $42.13. The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of 21.07 and a beta of 1.13. Synovus Financial Corp. has a 52-week low of $29.74 and a 52-week high of $45.38.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State Treasurer State of Michigan increased its position in Synovus Financial Corp. by 1.4% in the second quarter. State Treasurer State of Michigan now owns 50,405 shares of the bank’s stock valued at $2,230,000 after buying an additional 700 shares in the last quarter. First Quadrant L P CA increased its position in Synovus Financial Corp. by 119.9% in the second quarter. First Quadrant L P CA now owns 231,574 shares of the bank’s stock valued at $10,245,000 after buying an additional 126,274 shares in the last quarter. Aperio Group LLC increased its position in Synovus Financial Corp. by 9.8% in the second quarter. Aperio Group LLC now owns 42,478 shares of the bank’s stock valued at $1,879,000 after buying an additional 3,782 shares in the last quarter. Alpha Windward LLC increased its position in Synovus Financial Corp. by 1,623.9% in the second quarter. Alpha Windward LLC now owns 11,395 shares of the bank’s stock valued at $504,000 after buying an additional 10,734 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in Synovus Financial Corp. by 3.2% in the second quarter. Louisiana State Employees Retirement System now owns 31,900 shares of the bank’s stock valued at $1,411,000 after buying an additional 1,000 shares in the last quarter. 77.53% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP D Wayne Akins, Jr. sold 3,500 shares of the stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $42.96, for a total value of $150,360.00. Following the completion of the transaction, the executive vice president now directly owns 34,994 shares of the company’s stock, valued at approximately $1,503,342.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.50% of the stock is currently owned by corporate insiders.
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 $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend was Tuesday, June 13th. 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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