Brokerages Anticipate Synovus Financial Corp. (SNV) Will Announce Earnings of $0.68 Per Share

Brokerages predict that Synovus Financial Corp. (NYSE:SNV) will post earnings of $0.68 per share for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Synovus Financial’s earnings. The highest EPS estimate is $0.69 and the lowest is $0.65. Synovus Financial posted earnings of $0.54 per share in the same quarter last year, which suggests a positive year over year growth rate of 25.9%. The business is scheduled to report its next quarterly earnings results before the market opens on Tuesday, January 23rd.

On average, analysts expect that Synovus Financial will report full year earnings of $2.45 per share for the current fiscal year, with EPS estimates ranging from $2.33 to $2.59. For the next financial year, analysts expect that the firm will post earnings of $3.00 per share, with EPS estimates ranging from $2.75 to $3.39. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for Synovus Financial.

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

SNV has been the topic of several analyst reports. Zacks Investment Research downgraded Synovus Financial from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. Robert W. Baird reiterated a “hold” rating and set a $43.00 target price on shares of Synovus Financial in a report on Friday, October 20th. ValuEngine downgraded Synovus Financial from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Sanford C. Bernstein reiterated a “market perform” rating and set a $42.00 target price (up from $41.00) on shares of Synovus Financial in a report on Saturday, September 16th. Finally, SunTrust Banks reiterated a “buy” rating and set a $54.00 target price on shares of Synovus Financial in a report on Wednesday, November 29th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $47.00.

In other news, COO Allen J. Gula sold 2,125 shares of the business’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 value of $100,108.75. Following the completion of the sale, the chief operating officer now directly owns 72,561 shares in the company, valued at approximately $3,418,348.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the business’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 owns 43,488 shares of the company’s stock, valued at approximately $2,013,059.52. The disclosure for this sale can be found here. Insiders sold a total of 13,177 shares of company stock valued at $614,367 over the last quarter. Company insiders own 1.50% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Synovus Financial by 3.6% during the 2nd 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 period. Eagle Asset Management Inc. boosted its position in Synovus Financial by 25.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock worth $156,270,000 after acquiring an additional 671,971 shares during the period. Alliancebernstein L.P. boosted its position in Synovus Financial by 2.2% during the 2nd quarter. Alliancebernstein L.P. now owns 2,311,113 shares of the bank’s stock worth $102,244,000 after acquiring an additional 49,041 shares during the period. Bank of New York Mellon Corp boosted its position in Synovus Financial by 0.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,651,364 shares of the bank’s stock worth $76,061,000 after acquiring an additional 11,162 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Synovus Financial by 3.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,228,056 shares of the bank’s stock worth $55,963,000 after acquiring an additional 35,637 shares during the period. Institutional investors and hedge funds own 77.81% of the company’s stock.

Synovus Financial (NYSE:SNV) traded up $0.43 during midday trading on Friday, hitting $49.86. The stock had a trading volume of 748,784 shares, compared to its average volume of 740,121. The firm has a market cap of $5,960.00, a price-to-earnings ratio of 20.10, a P/E/G ratio of 2.09 and a beta of 1.13. Synovus Financial has a fifty-two week low of $37.95 and a fifty-two week high of $51.09. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.66.

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st were issued a $0.15 dividend. The ex-dividend date was Wednesday, December 20th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. Synovus Financial’s dividend payout ratio (DPR) is 24.19%.

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

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