Brokers Issue Forecasts for Synovus Financial Corp.’s FY2019 Earnings (SNV)

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at Jefferies Financial Group dropped their FY2019 earnings per share estimates for shares of Synovus Financial in a research note issued to investors on Tuesday, January 8th. Jefferies Financial Group analyst C. Haire now forecasts that the bank will post earnings of $4.00 per share for the year, down from their previous forecast of $4.10. Jefferies Financial Group also issued estimates for Synovus Financial’s Q4 2019 earnings at $1.05 EPS.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, October 23rd. The bank reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.03. Synovus Financial had a net margin of 22.41% and a return on equity of 15.05%. The firm had revenue of $363.29 million during the quarter, compared to analysts’ expectations of $368.24 million. During the same quarter in the previous year, the business posted $0.78 earnings per share. The business’s quarterly revenue was up 1.5% compared to the same quarter last year.

A number of other equities analysts have also recently commented on the stock. Morgan Stanley reaffirmed a “hold” rating and issued a $55.00 target price (down from $56.00) on shares of Synovus Financial in a report on Tuesday, September 18th. Zacks Investment Research upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a report on Tuesday, September 25th. ValuEngine lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. Wells Fargo & Co set a $51.00 target price on shares of Synovus Financial and gave the stock a “hold” rating in a research report on Tuesday, October 2nd. Finally, Barclays dropped their target price on shares of Synovus Financial from $57.00 to $55.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. Synovus Financial has an average rating of “Buy” and a consensus target price of $48.75.

Shares of NYSE:SNV opened at $34.78 on Friday. The company has a market cap of $4.01 billion, a PE ratio of 13.75, a P/E/G ratio of 1.06 and a beta of 1.23. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.58. Synovus Financial has a twelve month low of $29.93 and a twelve month high of $57.40.

Several hedge funds and other institutional investors have recently made changes to their positions in SNV. Prudential Financial Inc. increased its stake in Synovus Financial by 68.5% during the 3rd quarter. Prudential Financial Inc. now owns 1,423,817 shares of the bank’s stock worth $65,197,000 after acquiring an additional 579,050 shares during the period. Capital Fund Management S.A. lifted its holdings in Synovus Financial by 1,503.1% during the 3rd quarter. Capital Fund Management S.A. now owns 208,400 shares of the bank’s stock worth $9,543,000 after buying an additional 195,400 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd bought a new position in shares of Synovus Financial in the 3rd quarter worth about $78,199,000. Voya Investment Management LLC raised its position in shares of Synovus Financial by 23.7% in the 2nd quarter. Voya Investment Management LLC now owns 179,102 shares of the bank’s stock worth $9,462,000 after acquiring an additional 34,263 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in Synovus Financial by 12.4% in the 3rd quarter. Pacer Advisors Inc. now owns 42,174 shares of the bank’s stock valued at $1,931,000 after buying an additional 4,645 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

In other news, CFO Kevin S. Blair acquired 750 shares of Synovus Financial stock in a transaction dated Thursday, October 25th. The stock was bought at an average cost of $37.18 per share, with a total value of $27,885.00. Following the completion of the transaction, the chief financial officer now directly owns 53,986 shares of the company’s stock, valued at $2,007,199.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Allen J. Gula sold 1,400 shares of the stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $37.29, for a total value of $52,206.00. Following the transaction, the executive vice president now directly owns 72,283 shares of the company’s stock, valued at $2,695,433.07. The disclosure for this sale can be found here. Insiders have bought 11,250 shares of company stock worth $399,195 in the last ninety days. 1.50% of the stock is currently owned by insiders.

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 2nd. Stockholders of record on Thursday, December 20th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend was Wednesday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 39.53%.

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.

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Earnings History and Estimates for Synovus Financial (NYSE:SNV)

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