Wall Street brokerages expect Synovus Financial Corp. (NYSE:SNV) to report earnings per share (EPS) of $0.64 for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Synovus Financial Corp.’s earnings. The lowest EPS estimate is $0.61 and the highest is $0.66. Synovus Financial Corp. posted earnings of $0.52 per share in the same quarter last year, which suggests a positive year over year growth rate of 23.1%. The business is scheduled to issue its next quarterly 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 fiscal year, with EPS estimates ranging from $2.39 to $2.55. For the next financial year, analysts forecast that the firm will post earnings of $2.75 per share, with EPS estimates ranging from $2.68 to $2.85. Zacks’ earnings per share calculations are an average based on a survey of research firms that follow Synovus Financial Corp..
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. The business had revenue of $319.80 million during the quarter, compared to the consensus estimate of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 earnings per share.
A number of research firms have recently weighed in on SNV. Barclays PLC set a $48.00 price target on shares of Synovus Financial Corp. and gave the stock a “hold” rating in a research note on Wednesday, July 19th. Stephens reaffirmed a “buy” rating and issued a $46.00 price target on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Zacks Investment Research raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, July 19th. Royal Bank Of Canada began coverage on shares of Synovus Financial Corp. in a research note on Monday, July 17th. They issued an “outperform” rating and a $51.00 price target on the stock. Finally, BidaskClub downgraded shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. 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. The company 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 the stock in a transaction 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 transaction, the executive vice president now directly owns 34,994 shares of the company’s stock, valued at $1,503,342.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in SNV. Allianz Asset Management AG purchased a new stake in Synovus Financial Corp. during the fourth quarter worth about $283,000. Envestnet Asset Management Inc. boosted 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 valued at $132,000 after buying an additional 297 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Synovus Financial Corp. during the fourth quarter valued at $254,000. Quadrature Capital Ltd bought a new stake in Synovus Financial Corp. during the fourth quarter valued at $609,000. Finally, Highbridge Capital Management LLC bought a new stake in Synovus Financial Corp. during the fourth quarter valued at $288,000. Institutional investors own 77.56% of the company’s stock.
Shares of Synovus Financial Corp. (SNV) opened at 43.45 on Monday. The firm’s 50-day moving average price is $43.54 and its 200-day moving average price is $42.13. Synovus Financial Corp. has a 52-week low of $29.74 and a 52-week high of $45.38. The stock has a market cap of $5.29 billion, a P/E ratio of 19.73 and a beta of 1.13.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th were given a dividend of $0.15 per share. 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 payout ratio is 27.15%.
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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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