Synovus Financial Corp. (NYSE:SNV) – Stock analysts at Jefferies Financial Group decreased their Q1 2019 earnings per share (EPS) estimates for shares of Synovus Financial in a research note issued on Tuesday, January 8th. Jefferies Financial Group analyst C. Haire now anticipates that the bank will post earnings per share of $0.92 for the quarter, down from their prior forecast of $0.93. Jefferies Financial Group also issued estimates for Synovus Financial’s Q2 2019 earnings at $0.99 EPS, Q3 2019 earnings at $1.03 EPS and FY2020 earnings at $4.35 EPS.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, October 23rd. The bank reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.03. Synovus Financial had a net margin of 22.41% and a return on equity of 15.05%. The business had revenue of $363.29 million during the quarter, compared to analysts’ expectations of $368.24 million. During the same period last year, the company posted $0.78 EPS. The company’s revenue was up 1.5% on a year-over-year basis.
Other equities analysts have also issued research reports about the stock. Barclays decreased their price target on shares of Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 24th. SunTrust Banks dropped their price target on shares of Synovus Financial to $38.00 and set a “buy” rating on the stock in a research note on Friday, January 4th. They noted that the move was a valuation call. Wells Fargo & Co set a $51.00 price target on shares of Synovus Financial and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. Morgan Stanley reissued a “hold” rating and issued a $55.00 target price (down previously from $56.00) on shares of Synovus Financial in a research report on Tuesday, September 18th. Finally, Stephens reaffirmed a “hold” rating and set a $54.00 price objective on shares of Synovus Financial in a research report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $48.75.
SNV stock opened at $34.96 on Thursday. The company has a market capitalization of $4.01 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 1.06 and a beta of 1.23. Synovus Financial has a one year low of $29.93 and a one year high of $57.40. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.97 and a quick ratio of 0.97.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 2nd. Stockholders of record on Thursday, December 20th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date was Wednesday, December 19th. Synovus Financial’s dividend payout ratio is 39.53%.
In related news, Director Elizabeth W. Camp acquired 3,000 shares of the stock in a transaction on Thursday, October 25th. The stock was purchased at an average price of $36.97 per share, for a total transaction of $110,910.00. Following the transaction, the director now owns 16,718 shares of the company’s stock, valued at approximately $618,064.46. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kevin S. Blair acquired 750 shares of the stock in a transaction on Thursday, October 25th. The stock was bought at an average price of $37.18 per share, with a total value of $27,885.00. Following the transaction, the chief financial officer now directly owns 53,986 shares in the company, valued at approximately $2,007,199.48. The disclosure for this purchase can be found here. Insiders have purchased a total of 11,250 shares of company stock valued at $399,195 in the last quarter. 1.50% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund raised its holdings in Synovus Financial by 2.9% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 47,110 shares of the bank’s stock worth $2,489,000 after buying an additional 1,335 shares during the period. Signaturefd LLC increased its holdings in Synovus Financial by 265.5% during the second quarter. Signaturefd LLC now owns 2,054 shares of the bank’s stock worth $109,000 after buying an additional 1,492 shares during the last quarter. BB&T Securities LLC increased its holdings in Synovus Financial by 25.8% during the second quarter. BB&T Securities LLC now owns 7,291 shares of the bank’s stock worth $385,000 after buying an additional 1,497 shares during the last quarter. Signature Estate & Investment Advisors LLC boosted its position in Synovus Financial by 10.0% during the third quarter. Signature Estate & Investment Advisors LLC now owns 22,863 shares of the bank’s stock worth $1,047,000 after purchasing an additional 2,076 shares during the period. Finally, Janus Henderson Group PLC boosted its position in Synovus Financial by 4.1% during the second quarter. Janus Henderson Group PLC now owns 55,820 shares of the bank’s stock worth $2,949,000 after purchasing an additional 2,200 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
Further Reading: Intrinsic Value and Stock Selection
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