Synovus Financial (NYSE:SNV) announced its earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating the consensus estimate of $0.67 by $0.05, Bloomberg Earnings reports. The business had revenue of $339.07 million during the quarter, compared to the consensus estimate of $338.60 million. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. Synovus Financial’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.54 earnings per share.
Synovus Financial (NYSE SNV) traded up $1.32 during trading on Wednesday, hitting $50.25. The company had a trading volume of 760,955 shares, compared to its average volume of 913,082. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $6,000.00, a P/E ratio of 23.16, a PEG ratio of 1.78 and a beta of 1.12. Synovus Financial has a 1-year low of $37.95 and a 1-year high of $52.08.
In other Synovus Financial news, COO Allen J. Gula sold 2,450 shares of Synovus Financial stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total value of $123,039.00. Following the completion of the transaction, the chief operating officer now owns 70,111 shares in the company, valued at approximately $3,520,974.42. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Philip W. Tomlinson sold 1,052 shares of the business’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $48.82, for a total value of $51,358.64. Following the sale, the director now owns 27,139 shares of the company’s stock, valued at approximately $1,324,925.98. The disclosure for this sale can be found here. Insiders have sold a total of 8,502 shares of company stock valued at $425,198 in the last 90 days. 1.50% of the stock is owned by corporate insiders.
Several brokerages recently issued reports on SNV. Morgan Stanley increased their price objective on Synovus Financial from $50.00 to $52.00 and gave the stock an “underperform” rating in a research note on Friday, January 26th. Hovde Group reaffirmed a “hold” rating and set a $53.00 price target on shares of Synovus Financial in a research note on Tuesday, January 23rd. Bank of America raised their price target on Synovus Financial from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Stephens reissued a “buy” rating and set a $56.00 price objective on shares of Synovus Financial in a report on Wednesday, January 24th. Finally, Barclays increased their price objective on Synovus Financial from $53.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $51.92.
Synovus Financial declared that its board has approved a stock buyback program on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
TRADEMARK VIOLATION WARNING: “Synovus Financial (NYSE:SNV) Posts Earnings Results, Beats Expectations By $0.05 EPS” was first published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this piece on another site, it was illegally copied and reposted in violation of United States and international trademark and copyright legislation. The original version of this piece can be viewed at https://www.dispatchtribunal.com/2018/02/14/synovus-financial-snv-posts-quarterly-earnings-results-beats-estimates-by-0-05-eps.html.
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.
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.