Synovus Financial Corp. Expected to Post Q1 2018 Earnings of $0.71 Per Share (SNV)
Synovus Financial Corp. (NYSE:SNV) – Investment analysts at Jefferies Group cut their Q1 2018 EPS estimates for Synovus Financial Corp. in a report issued on Wednesday. Jefferies Group analyst C. Haire now forecasts that the bank will post earnings per share of $0.71 for the quarter, down from their prior estimate of $0.75. Jefferies Group currently has a “Hold” rating and a $50.00 target price on the stock. Jefferies Group also issued estimates for Synovus Financial Corp.’s Q2 2018 earnings at $0.73 EPS, Q3 2018 earnings at $0.77 EPS, Q4 2018 earnings at $0.78 EPS, FY2018 earnings at $3.00 EPS and FY2019 earnings at $3.20 EPS.
Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.01. Synovus Financial Corp. had a return on equity of 10.44% and a net margin of 21.39%. The firm had revenue of $398.01 million during the quarter, compared to analyst estimates of $331.27 million. During the same period in the prior year, the company posted $0.65 earnings per share. COPYRIGHT VIOLATION NOTICE: This news story was posted by Daily Political and is owned by of Daily Political. If you are accessing this news story on another site, it was copied illegally and republished in violation of United States & international copyright & trademark laws. The correct version of this news story can be viewed at https://www.dailypolitical.com/2017/10/19/synovus-financial-corp-expected-to-post-q1-2018-earnings-of-0-71-per-share-snv.html.
SNV has been the subject of a number of other reports. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Tuesday, September 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $48.00 target price on shares of Synovus Financial Corp. in a research report on Thursday. SunTrust Banks, Inc. reiterated a “buy” rating and set a $51.00 target price on shares of Synovus Financial Corp. in a research report on Thursday, October 12th. BidaskClub downgraded Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Finally, Barclays PLC reiterated an “equal weight” rating and set a $46.00 target price (up from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $44.82.
Synovus Financial Corp. (NYSE:SNV) traded down 0.06% on Thursday, reaching $46.42. The company’s stock had a trading volume of 339,818 shares. The company has a 50-day moving average price of $44.44 and a 200 day moving average price of $43.05. The company has a market cap of $5.64 billion, a P/E ratio of 21.08 and a beta of 1.10. Synovus Financial Corp. has a 12 month low of $31.87 and a 12 month high of $47.32.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 21st were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, September 20th. This represents a $0.60 annualized dividend and a dividend yield of 1.29%. Synovus Financial Corp.’s dividend payout ratio is currently 24.19%.
In related news, EVP Kevin Joseph Howard sold 7,000 shares of the company’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $43.37, for a total transaction of $303,590.00. Following the completion of the sale, the executive vice president now directly owns 46,490 shares in the company, valued at approximately $2,016,271.30. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Curtis J. Perry sold 7,062 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $43.86, for a total value of $309,739.32. Following the sale, the executive vice president now owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new position in Synovus Financial Corp. in the 1st quarter worth about $135,000. Balentine LLC increased its holdings in Synovus Financial Corp. by 0.4% in the 2nd quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after purchasing an additional 12 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Synovus Financial Corp. by 21.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after purchasing an additional 622 shares in the last quarter. TLP Group LLC acquired a new position in Synovus Financial Corp. in the 2nd quarter worth about $145,000. Finally, Advisory Services Network LLC increased its holdings in Synovus Financial Corp. by 17.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after purchasing an additional 519 shares in the last quarter. 77.87% of the stock is owned by institutional investors and hedge funds.
About Synovus Financial Corp.
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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