Wall Street analysts forecast that Synovus Financial Corp. (NYSE:SNV) will post sales of $341.73 million for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Synovus Financial’s earnings. The highest sales estimate is $344.20 million and the lowest is $339.60 million. Synovus Financial reported sales of $311.77 million in the same quarter last year, which indicates a positive year over year growth rate of 9.6%. The business is expected to announce its next quarterly earnings report on Monday, April 16th.
According to Zacks, analysts expect that Synovus Financial will report full year sales of $341.73 million for the current financial year, with estimates ranging from $1.39 billion to $1.44 billion. For the next year, analysts forecast that the business will report sales of $1.51 billion per share, with estimates ranging from $1.46 billion to $1.54 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Synovus Financial.
Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.05. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The business had revenue of $339.07 million for the quarter, compared to the consensus estimate of $338.60 million. During the same quarter in the prior year, the business posted $0.54 EPS. The business’s revenue for the quarter was up 10.3% on a year-over-year basis.
A number of research analysts recently issued reports on SNV shares. SunTrust Banks restated a “buy” rating and set a $54.00 price target on shares of Synovus Financial in a research note on Wednesday, November 29th. Keefe, Bruyette & Woods restated a “hold” rating and set a $53.00 price target on shares of Synovus Financial in a research note on Friday, December 22nd. Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Tuesday, December 26th. Barclays raised their price target on Synovus Financial from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Finally, Robert W. Baird restated an “average” rating and set a $47.00 price target on shares of Synovus Financial in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $52.08.
Synovus Financial stock traded down $0.45 on Friday, hitting $52.29. The stock had a trading volume of 66,796 shares, compared to its average volume of 817,296. The stock has a market cap of $6,259.25, a P/E ratio of 24.30, a P/E/G ratio of 1.93 and a beta of 1.11. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. Synovus Financial has a fifty-two week low of $37.95 and a fifty-two week high of $53.14.
Synovus Financial declared that its Board of Directors has approved a share buyback program on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Wednesday, March 14th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.15. Synovus Financial’s payout ratio is currently 46.08%.
In related news, VP Mark G. Holladay sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $50.16, for a total value of $250,800.00. Following the completion of the transaction, the vice president now directly owns 52,063 shares of the company’s stock, valued at approximately $2,611,480.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Allen J. Gula sold 2,450 shares of the stock in a transaction that occurred 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 directly owns 70,111 shares of the company’s stock, valued at $3,520,974.42. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cerebellum GP LLC acquired a new position in shares of Synovus Financial in the fourth quarter worth $124,000. Contravisory Investment Management Inc. acquired a new position in shares of Synovus Financial in the fourth quarter worth $171,000. Calamos Advisors LLC acquired a new position in shares of Synovus Financial in the fourth quarter worth $201,000. Alpine Woods Capital Investors LLC acquired a new position in shares of Synovus Financial in the third quarter worth $207,000. Finally, Jane Street Group LLC acquired a new position in Synovus Financial during the third quarter worth $215,000. Institutional investors own 81.01% of the company’s stock.
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About Synovus Financial
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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