FY2018 EPS Estimates for Synovus Financial Corp. (SNV) Boosted by Jefferies Group

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at Jefferies Group increased their FY2018 earnings estimates for shares of Synovus Financial Corp. in a research note issued to investors on Monday. Jefferies Group analyst C. Haire now anticipates that the bank will post earnings per share of $2.95 for the year, up from their previous forecast of $2.85. Jefferies Group currently has a “Hold” rating and a $47.00 target price on the stock. Jefferies Group also issued estimates for Synovus Financial Corp.’s FY2019 earnings at $3.10 EPS.

A number of other research analysts also recently commented on the stock. ValuEngine raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Zacks Investment Research downgraded shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. Stephens reissued a “buy” rating and set a $46.00 target price on shares of Synovus Financial Corp. in a research report on Wednesday, July 19th. BidaskClub downgraded shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Finally, Robert W. Baird reissued a “hold” rating and set a $40.00 target price on shares of Synovus Financial Corp. in a research report on Friday, August 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. Synovus Financial Corp. currently has an average rating of “Hold” and an average target price of $43.30.

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Shares of Synovus Financial Corp. (SNV) traded up 0.21% during midday trading on Tuesday, reaching $46.70. 150,029 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $43.49 and its 200 day moving average price is $42.74. Synovus Financial Corp. has a 12-month low of $31.41 and a 12-month high of $47.32. The company has a market cap of $5.67 billion, a price-to-earnings ratio of 21.21 and a beta of 1.10.

Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.01. The business had revenue of $319.80 million for the quarter, compared to analysts’ expectations of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The business’s revenue was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Thursday, September 21st were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend was Wednesday, September 20th. Synovus Financial Corp.’s payout ratio is currently 27.15%.

In other news, EVP Kevin Joseph Howard sold 7,000 shares of Synovus Financial Corp. stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $43.37, for a total value of $303,590.00. Following the transaction, the executive vice president now owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total transaction of $309,739.32. Following the completion of the transaction, the executive vice president now directly owns 60,038 shares in the company, valued at approximately $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of SNV. UBS Asset Management Americas Inc. grew its position in shares of Synovus Financial Corp. by 16.5% in the 1st quarter. UBS Asset Management Americas Inc. now owns 75,968 shares of the bank’s stock worth $3,116,000 after buying an additional 10,737 shares during the last quarter. Parametric Portfolio Associates LLC grew its position in Synovus Financial Corp. by 30.2% during the 1st quarter. Parametric Portfolio Associates LLC now owns 171,116 shares of the bank’s stock worth $7,019,000 after purchasing an additional 39,736 shares during the last quarter. Stifel Financial Corp grew its position in Synovus Financial Corp. by 18.6% during the 1st quarter. Stifel Financial Corp now owns 22,417 shares of the bank’s stock worth $925,000 after purchasing an additional 3,508 shares during the last quarter. AXA grew its position in Synovus Financial Corp. by 3.2% during the 1st quarter. AXA now owns 38,600 shares of the bank’s stock worth $1,583,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Credit Agricole S A grew its position in Synovus Financial Corp. by 102.3% during the 1st quarter. Credit Agricole S A now owns 11,220 shares of the bank’s stock worth $460,000 after purchasing an additional 5,674 shares during the last quarter. 77.87% of the stock is currently owned by hedge funds and other institutional investors.

About Synovus Financial Corp.

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.

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

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