Wall Street brokerages forecast that Synovus Financial Corp. (NYSE:SNV) will post $488.23 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Synovus Financial’s earnings, with estimates ranging from $481.20 million to $497.90 million. Synovus Financial reported sales of $491.40 million during the same quarter last year, which indicates a negative year-over-year growth rate of 0.6%. The company is expected to issue its next earnings report on Tuesday, October 19th.
On average, analysts expect that Synovus Financial will report full-year sales of $1.95 billion for the current financial year, with estimates ranging from $1.93 billion to $1.97 billion. For the next year, analysts expect that the firm will report sales of $1.97 billion, with estimates ranging from $1.91 billion to $2.05 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Synovus Financial.
Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Monday, July 19th. The bank reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.17. The firm had revenue of $488.95 million during the quarter, compared to analysts’ expectations of $486.99 million. Synovus Financial had a return on equity of 14.65% and a net margin of 28.77%. During the same quarter last year, the firm earned $0.23 earnings per share.
In other Synovus Financial news, EVP Mark G. Holladay sold 1,500 shares of the firm’s stock in a transaction dated Friday, July 2nd. The stock was sold at an average price of $44.28, for a total transaction of $66,420.00. Following the transaction, the executive vice president now directly owns 61,787 shares in the company, valued at $2,735,928.36. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.11% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Synovus Financial by 2.3% in the second quarter. Vanguard Group Inc. now owns 13,670,724 shares of the bank’s stock valued at $599,871,000 after acquiring an additional 309,710 shares during the period. BlackRock Inc. increased its position in Synovus Financial by 3.5% in the first quarter. BlackRock Inc. now owns 13,638,864 shares of the bank’s stock worth $623,976,000 after purchasing an additional 463,677 shares during the period. State Street Corp increased its position in Synovus Financial by 3.8% in the second quarter. State Street Corp now owns 6,418,111 shares of the bank’s stock worth $283,860,000 after purchasing an additional 235,353 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Synovus Financial by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,621,917 shares of the bank’s stock valued at $165,707,000 after purchasing an additional 32,127 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of Synovus Financial by 18.7% during the second quarter. FMR LLC now owns 2,969,975 shares of the bank’s stock worth $130,323,000 after acquiring an additional 467,699 shares during the period. 76.40% of the stock is owned by institutional investors.
SNV traded down $0.21 during trading on Thursday, reaching $38.93. 742,690 shares of the stock traded hands, compared to its average volume of 932,743. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of 9.98, a price-to-earnings-growth ratio of 1.12 and a beta of 1.62. Synovus Financial has a fifty-two week low of $19.39 and a fifty-two week high of $50.51. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.88 and a quick ratio of 0.87. The stock’s 50-day simple moving average is $41.98 and its two-hundred day simple moving average is $45.01.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Thursday, September 16th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, September 15th. This represents a $1.32 annualized dividend and a yield of 3.39%. Synovus Financial’s dividend payout ratio (DPR) is currently 54.77%.
About Synovus Financial
Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.
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