$341.73 Million in Sales Expected for Synovus Financial Corp. (SNV) This Quarter

Wall Street analysts expect Synovus Financial Corp. (NYSE:SNV) to post sales of $341.73 million for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Synovus Financial’s earnings, with the lowest sales estimate coming in at $339.60 million and the highest estimate coming in at $344.20 million. Synovus Financial reported sales of $311.77 million during the same quarter last year, which indicates a positive year over year growth rate of 9.6%. The firm is scheduled to announce its next earnings results on Monday, April 16th.

On average, analysts expect that Synovus Financial will report full year sales of $341.73 million for the current year, with estimates ranging from $1.39 billion to $1.44 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.51 billion per share, with estimates ranging from $1.46 billion to $1.54 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Synovus Financial.

Synovus Financial (NYSE:SNV) last posted its earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.05. The business had revenue of $339.07 million during the quarter, compared to analyst estimates of $338.60 million. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.54 EPS.

SNV has been the subject of several research analyst reports. Zacks Investment Research lowered Synovus Financial from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. ValuEngine lowered Synovus Financial from a “buy” rating to a “hold” rating in a report on Friday, November 10th. SunTrust Banks reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Synovus Financial in a report on Wednesday, November 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $53.00 price objective on shares of Synovus Financial in a report on Friday, December 22nd. Finally, Barclays lifted their price objective on Synovus Financial from $49.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $51.92.

Synovus Financial (NYSE:SNV) traded up $0.43 during trading on Friday, hitting $50.93. The company’s stock had a trading volume of 552,834 shares, compared to its average volume of 904,220. The company has a market cap of $6,090.00, a price-to-earnings ratio of 23.47, a price-to-earnings-growth ratio of 1.87 and a beta of 1.12. Synovus Financial has a twelve month low of $37.95 and a twelve month high of $52.08. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60.

Synovus Financial declared that its board has authorized a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

In related news, 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 transaction, the chief operating officer now directly owns 70,111 shares in the company, valued at $3,520,974.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $51,358.64. Following the transaction, the director now owns 27,139 shares in the company, valued at $1,324,925.98. The disclosure for this sale can be found here. Insiders have sold 8,502 shares of company stock worth $425,198 over the last quarter. 1.50% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cerebellum GP LLC purchased a new position in Synovus Financial during the fourth quarter valued at $124,000. Advisory Services Network LLC lifted its position in Synovus Financial by 17.8% during the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after purchasing an additional 519 shares in the last quarter. Contravisory Investment Management Inc. purchased a new position in Synovus Financial during the fourth quarter valued at $171,000. PNC Financial Services Group Inc. lifted its position in Synovus Financial by 16.5% during the second quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock valued at $182,000 after purchasing an additional 583 shares in the last quarter. Finally, Calamos Advisors LLC purchased a new position in Synovus Financial during the fourth quarter valued at $201,000. Institutional investors own 78.35% of the company’s stock.

WARNING: This story was first published by StockNewsTimes and is the sole property of of StockNewsTimes. If you are viewing this story on another website, it was copied illegally and reposted in violation of US & international trademark and copyright legislation. The original version of this story can be accessed at https://stocknewstimes.com/2018/02/19/341-73-million-in-sales-expected-for-synovus-financial-corp-snv-this-quarter.html.

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.

Get a free copy of the Zacks research report on Synovus Financial (SNV)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Synovus Financial (NYSE:SNV)

Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply