Zacks: Analysts Anticipate Synovus Financial Corp. (SNV) Will Post Quarterly Sales of $341.73 Million
Wall Street brokerages forecast that Synovus Financial Corp. (NYSE:SNV) will post sales of $341.73 million for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Synovus Financial’s earnings, with the lowest sales estimate coming in at $339.60 million and the highest estimate coming in at $344.20 million. Synovus Financial posted sales of $311.77 million during the same quarter last year, which would indicate a positive year over year growth rate of 9.6%. The business is expected to announce its next earnings report on Monday, April 16th.
On average, 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 anticipate that the company will report sales of $1.51 billion per share, with estimates ranging from $1.46 billion to $1.54 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Synovus Financial.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.05. The business had revenue of $339.07 million for the quarter, compared to analyst estimates of $338.60 million. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. Synovus Financial’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.54 EPS.
Shares of Synovus Financial (NYSE SNV) opened at $48.11 on Friday. 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 capitalization of $5,860.00, a price-to-earnings ratio of 22.17, a P/E/G ratio of 1.73 and a beta of 1.12. Synovus Financial has a one year low of $37.95 and a one year high of $52.08.
Synovus Financial declared that its board has approved a share repurchase program on Tuesday, January 23rd that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In other Synovus Financial news, COO Allen J. Gula sold 2,450 shares of the business’s 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 transaction, the chief operating officer now owns 70,111 shares of the company’s stock, valued at $3,520,974.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Mark G. Holladay sold 5,000 shares of the business’s stock in a transaction 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 in the company, valued at approximately $2,611,480.08. The disclosure for this sale can be found here. In the last three months, insiders sold 8,502 shares of company stock worth $425,198. Insiders own 1.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of SNV. Eagle Asset Management Inc. boosted its stake in Synovus Financial by 25.0% in the third quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock worth $156,270,000 after purchasing an additional 671,971 shares in the last quarter. APG Asset Management N.V. boosted its stake in Synovus Financial by 1,642.6% in the fourth quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock worth $17,462,000 after purchasing an additional 412,300 shares in the last quarter. EJF Capital LLC boosted its stake in Synovus Financial by 50.0% in the third quarter. EJF Capital LLC now owns 900,002 shares of the bank’s stock worth $41,454,000 after purchasing an additional 300,000 shares in the last quarter. Koch Industries Inc. acquired a new position in Synovus Financial in the second quarter worth $283,000. Finally, First Quadrant L P CA raised its position in shares of Synovus Financial by 85.2% during the fourth quarter. First Quadrant L P CA now owns 420,673 shares of the bank’s stock worth $20,167,000 after acquiring an additional 193,494 shares during the last quarter. 78.40% of the stock is currently owned by institutional investors.
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.
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