Zacks: Brokerages Expect Synovus Financial Corp. (NYSE:SNV) to Post $1.11 EPS

Equities analysts predict that Synovus Financial Corp. (NYSE:SNVGet Rating) will post $1.11 earnings per share for the current quarter, Zacks reports. Six analysts have made estimates for Synovus Financial’s earnings. The highest EPS estimate is $1.18 and the lowest is $1.05. Synovus Financial posted earnings of $1.20 per share in the same quarter last year, which indicates a negative year over year growth rate of 7.5%. The business is scheduled to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Synovus Financial will report full-year earnings of $4.54 per share for the current fiscal year, with EPS estimates ranging from $4.34 to $4.70. For the next year, analysts forecast that the firm will report earnings of $5.12 per share, with EPS estimates ranging from $4.90 to $5.67. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow Synovus Financial.

Synovus Financial (NYSE:SNVGet Rating) last announced its quarterly earnings results on Thursday, April 21st. The bank reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.05. The company had revenue of $498.50 million for the quarter, compared to analysts’ expectations of $497.35 million. Synovus Financial had a net margin of 35.38% and a return on equity of 16.00%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm posted $1.21 earnings per share.

A number of equities analysts have recently weighed in on the stock. Raymond James reduced their price target on shares of Synovus Financial from $58.00 to $57.00 and set an “outperform” rating on the stock in a research report on Friday, April 22nd. StockNews.com assumed coverage on shares of Synovus Financial in a report on Thursday, March 31st. They set a “hold” rating on the stock. Wells Fargo & Company dropped their price objective on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, April 22nd. Piper Sandler dropped their price objective on shares of Synovus Financial from $61.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, April 22nd. Finally, Zacks Investment Research upgraded shares of Synovus Financial from a “hold” rating to a “strong-buy” rating and set a $53.00 price objective on the stock in a report on Tuesday, April 12th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $58.88.

Shares of NYSE SNV traded down $0.85 during midday trading on Thursday, reaching $39.35. 615,433 shares of the stock were exchanged, compared to its average volume of 1,041,656. The business has a 50-day simple moving average of $45.59 and a two-hundred day simple moving average of $48.09. The company has a market capitalization of $5.72 billion, a price-to-earnings ratio of 8.15, a P/E/G ratio of 2.47 and a beta of 1.42. Synovus Financial has a 12 month low of $37.98 and a 12 month high of $54.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.86 and a quick ratio of 0.84.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 1st. Shareholders of record on Thursday, March 17th were paid a $0.34 dividend. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Wednesday, March 16th. Synovus Financial’s payout ratio is presently 28.22%.

In other Synovus Financial news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the stock in a transaction on Wednesday, April 27th. The shares were purchased at an average cost of $42.73 per share, for a total transaction of $85,460.00. Following the purchase, the chief financial officer now owns 29,196 shares of the company’s stock, valued at $1,247,545.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin S. Blair purchased 3,100 shares of the stock in a transaction on Thursday, February 24th. The stock was acquired at an average price of $48.49 per share, for a total transaction of $150,319.00. The disclosure for this purchase can be found here. Insiders acquired a total of 6,100 shares of company stock worth $277,159 over the last quarter. Company insiders own 1.55% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Sageworth Trust Co of South Dakota acquired a new position in shares of Synovus Financial during the 4th quarter worth about $25,000. Covestor Ltd acquired a new position in shares of Synovus Financial during the 4th quarter worth about $29,000. Smith Group Asset Management LLC acquired a new position in shares of Synovus Financial during the 4th quarter worth about $39,000. Exchange Traded Concepts LLC acquired a new position in shares of Synovus Financial during the 1st quarter worth about $44,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Synovus Financial during the 1st quarter worth about $74,000. Institutional investors own 79.53% of the company’s stock.

About Synovus Financial (Get Rating)

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

See Also

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.