Brokerages forecast that Synovus Financial Corp. (NYSE:SNV) will post sales of $487.62 million for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for Synovus Financial’s earnings, with estimates ranging from $473.00 million to $503.70 million. Synovus Financial posted sales of $550.05 million during the same quarter last year, which suggests a negative year over year growth rate of 11.3%. The business is scheduled to issue its next earnings report on Tuesday, July 20th.
According to Zacks, analysts expect that Synovus Financial will report full year sales of $1.93 billion for the current year, with estimates ranging from $1.91 billion to $1.96 billion. For the next year, analysts expect that the company will post sales of $1.96 billion, with estimates ranging from $1.87 billion to $2.00 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Synovus Financial.
Synovus Financial (NYSE:SNV) last announced its earnings results on Monday, April 19th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $0.93 by $0.28. The business had revenue of $485.60 million for the quarter, compared to the consensus estimate of $483.00 million. Synovus Financial had a return on equity of 8.20% and a net margin of 15.84%. Synovus Financial’s revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 EPS.
In other Synovus Financial news, Director John L. Stallworth bought 1,920 shares of the company’s stock in a transaction on Thursday, April 29th. The stock was bought at an average price of $47.21 per share, for a total transaction of $90,643.20. Insiders own 1.10% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SNV. Schonfeld Strategic Advisors LLC increased its position in shares of Synovus Financial by 663.0% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 102,500 shares of the bank’s stock valued at $2,170,000 after buying an additional 89,067 shares in the last quarter. Private Capital Management LLC increased its position in shares of Synovus Financial by 3.8% in the 3rd quarter. Private Capital Management LLC now owns 424,825 shares of the bank’s stock valued at $8,994,000 after buying an additional 15,630 shares in the last quarter. Jeppson Wealth Management LLC bought a new stake in shares of Synovus Financial in the 3rd quarter valued at $33,000. Teachers Retirement System of The State of Kentucky increased its position in shares of Synovus Financial by 34.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 70,775 shares of the bank’s stock valued at $1,499,000 after buying an additional 18,278 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of Synovus Financial by 66.5% in the 3rd quarter. Sei Investments Co. now owns 30,301 shares of the bank’s stock valued at $641,000 after buying an additional 12,102 shares in the last quarter. Institutional investors and hedge funds own 76.11% of the company’s stock.
Shares of SNV opened at $47.23 on Tuesday. The company has a market capitalization of $7.02 billion, a P/E ratio of 20.53, a PEG ratio of 1.56 and a beta of 1.66. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.92 and a quick ratio of 0.90. Synovus Financial has a one year low of $14.65 and a one year high of $50.51. The business’s 50 day simple moving average is $46.56 and its 200-day simple moving average is $37.83.
The firm also recently announced a quarterly dividend, which was paid on Thursday, April 1st. Shareholders of record on Thursday, March 18th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.79%. The ex-dividend date was Wednesday, March 17th. Synovus Financial’s payout ratio is 33.85%.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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