FY2016 Earnings Estimate for Synovus Financial Corp. (SNV) Issued By Jefferies Group
Synovus Financial Corp. (NYSE:SNV) – Research analysts at Jefferies Group lowered their FY2016 earnings estimates for shares of Synovus Financial Corp. in a report released on Tuesday. Jefferies Group analyst E. Harmon now anticipates that the firm will post earnings of $1.87 per share for the year, down from their prior estimate of $1.94.
Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings results on Tuesday, July 19th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The firm had revenue of $289.30 million for the quarter, compared to the consensus estimate of $288.06 million. Synovus Financial Corp. had a return on equity of 8.42% and a net margin of 18.39%. During the same quarter last year, the business posted $0.40 EPS.
A number of other research analysts have also recently weighed in on the company. Credit Agricole SA upgraded Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and lifted their target price for the company from $30.00 to $33.00 in a report on Friday, September 23rd. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Tuesday, September 20th. Wells Fargo & Co. cut Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 23rd. Hovde Group boosted their price objective on Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a research note on Friday, August 19th. Finally, Barclays PLC boosted their price objective on Synovus Financial Corp. from $29.00 to $31.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 20th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $31.44.
Synovus Financial Corp. (NYSE:SNV) traded up 0.60% on Friday, reaching $31.94. The company had a trading volume of 694,090 shares. Synovus Financial Corp. has a 12 month low of $25.48 and a 12 month high of $33.80. The firm has a market capitalization of $3.93 billion, a PE ratio of 18.90 and a beta of 1.72. The stock has a 50 day moving average of $32.64 and a 200 day moving average of $30.95.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Tuesday, September 13th. Synovus Financial Corp.’s dividend payout ratio is currently 28.24%.
A number of hedge funds have recently made changes to their positions in the stock. Eagle Asset Management Inc. raised its stake in shares of Synovus Financial Corp. by 11.3% in the third quarter. Eagle Asset Management Inc. now owns 2,415,268 shares of the company’s stock valued at $78,568,000 after buying an additional 245,045 shares in the last quarter. First Mercantile Trust Co. purchased a new stake in shares of Synovus Financial Corp. during the third quarter valued at $250,000. Mason Street Advisors LLC purchased a new stake in shares of Synovus Financial Corp. during the second quarter valued at $1,659,000. Calvert Investment Management Inc. raised its stake in shares of Synovus Financial Corp. by 10.3% in the second quarter. Calvert Investment Management Inc. now owns 10,026 shares of the company’s stock valued at $291,000 after buying an additional 935 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Synovus Financial Corp. by 2.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 409,934 shares of the company’s stock valued at $11,884,000 after buying an additional 9,715 shares in the last quarter. 76.83% of the stock is owned by hedge funds and other institutional investors.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services 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 over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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