Brokerages Expect Synovus Financial Corp. (SNV) Will Announce Quarterly Sales of $338.89 Million

Brokerages expect Synovus Financial Corp. (NYSE:SNV) to announce $338.89 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Synovus Financial Corp.’s earnings, with the highest sales estimate coming in at $342.28 million and the lowest estimate coming in at $336.00 million. Synovus Financial Corp. posted sales of $307.54 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 10.2%. The firm is expected to announce its next earnings report on Tuesday, January 16th.

According to Zacks, analysts expect that Synovus Financial Corp. will report full year sales of $338.89 million for the current financial year, with estimates ranging from $1.29 billion to $1.37 billion. For the next year, analysts expect that the company will post sales of $1.40 billion per share, with estimates ranging from $1.38 billion to $1.42 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Synovus Financial Corp..

Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.01. The company had revenue of $398.01 million for the quarter, compared to analysts’ expectations of $331.27 million. Synovus Financial Corp. had a return on equity of 10.44% and a net margin of 21.39%. During the same quarter in the previous year, the firm posted $0.65 earnings per share.

Several research analysts recently commented on SNV shares. Jefferies Group LLC reiterated a “hold” rating and issued a $50.00 price target on shares of Synovus Financial Corp. in a research note on Thursday, October 12th. ValuEngine cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Zacks Investment Research upgraded 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. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $48.00 price target on shares of Synovus Financial Corp. in a research note on Thursday, October 19th. Finally, Robert W. Baird reiterated a “hold” rating and issued a $43.00 price target on shares of Synovus Financial Corp. in a research note on Friday, October 20th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. Synovus Financial Corp. currently has a consensus rating of “Hold” and a consensus target price of $45.36.

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Synovus Financial Corp. (NYSE SNV) opened at $46.18 on Thursday. The company has a market capitalization of $5,522.78, a PE ratio of 19.58, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13. Synovus Financial Corp. has a one year low of $37.87 and a one year high of $47.67. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.99 and a current ratio of 0.99.

In other news, COO Allen J. Gula sold 2,125 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $47.11, for a total transaction of $100,108.75. Following the completion of the transaction, the chief operating officer now directly owns 72,561 shares of the company’s stock, valued at $3,418,348.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $46.29, for a total value of $462,900.00. Following the transaction, the executive vice president now directly owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of SNV. AJO LP grew its holdings in shares of Synovus Financial Corp. by 291.0% during the second quarter. AJO LP now owns 1,089,237 shares of the bank’s stock valued at $48,188,000 after purchasing an additional 810,692 shares during the last quarter. Eagle Asset Management Inc. grew its holdings in shares of Synovus Financial Corp. by 25.0% during the third quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock valued at $156,270,000 after purchasing an additional 671,971 shares during the last quarter. Bank of Nova Scotia bought a new position in shares of Synovus Financial Corp. during the second quarter valued at approximately $17,745,000. Thrivent Financial For Lutherans grew its holdings in shares of Synovus Financial Corp. by 46.0% during the second quarter. Thrivent Financial For Lutherans now owns 1,214,532 shares of the bank’s stock valued at $53,731,000 after purchasing an additional 382,852 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in shares of Synovus Financial Corp. by 3.6% during the second quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock valued at $469,257,000 after purchasing an additional 370,743 shares during the last quarter. 78.65% of the stock is owned by 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.

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

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