Synovus Financial Corp. (SNV) Forecasted to Earn Q1 2017 Earnings of $0.49 Per Share
Synovus Financial Corp. (NYSE:SNV) – Analysts at Jefferies Group issued their Q1 2017 earnings per share (EPS) estimates for shares of Synovus Financial Corp. in a report released on Tuesday. Jefferies Group analyst E. Harmon anticipates that the brokerage will post earnings per share of $0.49 for the quarter. Jefferies Group also issued estimates for Synovus Financial Corp.’s Q2 2017 earnings at $0.52 EPS, Q3 2017 earnings at $0.53 EPS and Q4 2017 earnings at $0.56 EPS.
SNV has been the subject of several other research reports. Wells Fargo & Co. downgraded Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 23rd. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research note on Tuesday, September 20th. Hovde Group raised their target price on Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a research note on Friday, August 19th. Credit Agricole SA upgraded Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and raised their target price for the stock from $30.00 to $33.00 in a research note on Friday, September 23rd. Finally, Barclays PLC raised their target price on Synovus Financial Corp. from $29.00 to $31.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 20th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $31.44.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at 32.02 on Thursday. Synovus Financial Corp. has a 12-month low of $25.48 and a 12-month high of $33.80. The stock’s 50 day moving average price is $32.63 and its 200-day moving average price is $30.97. The firm has a market cap of $3.94 billion, a P/E ratio of 18.95 and a beta of 1.72.
Synovus Financial Corp. (NYSE:SNV) last posted its earnings results on Tuesday, July 19th. The company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. Synovus Financial Corp. had a return on equity of 8.42% and a net margin of 18.39%. The company earned $289.30 million during the quarter, compared to the consensus estimate of $288.06 million. During the same quarter last year, the firm earned $0.40 earnings per share.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.50%. Synovus Financial Corp.’s dividend payout ratio is 28.24%.
Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its position in shares of Synovus Financial Corp. by 238.1% in the second quarter. BNP Paribas Arbitrage SA now owns 62,043 shares of the company’s stock worth $1,799,000 after buying an additional 43,692 shares in the last quarter. BlueMountain Capital Management LLC boosted its position in shares of Synovus Financial Corp. by 108.6% in the first quarter. BlueMountain Capital Management LLC now owns 35,966 shares of the company’s stock worth $1,040,000 after buying an additional 18,724 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Synovus Financial Corp. by 46.7% in the first quarter. Jacobs Levy Equity Management Inc. now owns 91,922 shares of the company’s stock worth $2,657,000 after buying an additional 29,270 shares in the last quarter. HBK Investments L P purchased a new position in shares of Synovus Financial Corp. during the first quarter worth $332,000. Finally, Nordea Investment Management AB boosted its position in shares of Synovus Financial Corp. by 360.4% in the second quarter. Nordea Investment Management AB now owns 21,177 shares of the company’s stock worth $614,000 after buying an additional 16,577 shares in the last quarter. 76.83% of the stock is currently owned by institutional investors.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services 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 over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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