Wall Street analysts expect Synovus Financial Corp. (NYSE:SNV) to post earnings of $0.78 per share for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Synovus Financial’s earnings. The highest EPS estimate is $0.80 and the lowest is $0.76. Synovus Financial posted earnings per share of $0.57 in the same quarter last year, which would indicate a positive year-over-year growth rate of 36.8%. The company is scheduled to announce its next quarterly earnings results on Monday, April 16th.
On average, analysts expect that Synovus Financial will report full year earnings of $3.41 per share for the current year, with EPS estimates ranging from $3.31 to $3.49. For the next fiscal year, analysts anticipate that the business will report earnings of $3.72 per share, with EPS estimates ranging from $3.61 to $3.80. Zacks’ EPS calculations are an average based on a survey of sell-side analysts that cover Synovus Financial.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings results 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 firm had revenue of $339.07 million during the quarter, compared to analysts’ expectations of $338.60 million. During the same period in the previous year, the company earned $0.54 earnings per share. Synovus Financial’s quarterly revenue was up 10.3% compared to the same quarter last year.
In other news, VP Mark G. Holladay sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.16, for a total value of $250,800.00. Following the completion of the sale, the vice president now directly owns 52,063 shares of the company’s stock, valued at $2,611,480.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Allen J. Gula sold 2,450 shares of the business’s stock in a transaction dated 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 owns 70,111 shares in the company, valued at $3,520,974.42. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. Xact Kapitalforvaltning AB acquired a new position in shares of Synovus Financial during the fourth quarter worth about $458,000. MetLife Investment Advisors LLC acquired a new position in shares of Synovus Financial during the fourth quarter worth about $3,627,000. Jane Street Group LLC increased its stake in shares of Synovus Financial by 288.2% during the fourth quarter. Jane Street Group LLC now owns 18,150 shares of the bank’s stock worth $870,000 after acquiring an additional 13,474 shares during the period. Meadow Creek Investment Management LLC increased its stake in shares of Synovus Financial by 18.3% during the fourth quarter. Meadow Creek Investment Management LLC now owns 19,142 shares of the bank’s stock worth $918,000 after acquiring an additional 2,958 shares during the period. Finally, Raymond James & Associates increased its stake in shares of Synovus Financial by 8.1% during the fourth quarter. Raymond James & Associates now owns 128,283 shares of the bank’s stock worth $6,150,000 after acquiring an additional 9,571 shares during the period. Institutional investors and hedge funds own 81.01% of the company’s stock.
Shares of Synovus Financial (NYSE SNV) traded down $0.66 on Wednesday, reaching $51.70. 837,193 shares of the company were exchanged, compared to its average volume of 800,356. Synovus Financial has a 52-week low of $37.95 and a 52-week high of $53.14. The stock has a market capitalization of $6,275.87, a PE ratio of 23.82, a PEG ratio of 1.94 and a beta of 1.11. 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 announced that its Board of Directors has approved a share repurchase plan 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 plans are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.93%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, March 14th. Synovus Financial’s dividend payout ratio is presently 27.65%.
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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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