FY2016 EPS Estimates for Synovus Financial Corp. Reduced by Jefferies Group (SNV)
Synovus Financial Corp. (NYSE:SNV) – Analysts at Jefferies Group reduced their FY2016 earnings per share estimates for shares of Synovus Financial Corp. in a report released on Tuesday. Jefferies Group analyst E. Harmon now anticipates that the firm will earn $1.87 per share for the year, down from their previous estimate of $1.94.
SNV has been the topic of several other reports. Wells Fargo & Co. lowered shares of Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research report on Tuesday, August 23rd. Zacks Investment Research raised shares of 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 boosted their target price on shares of Synovus Financial Corp. from $34.00 to $35.50 and gave the company an “outperform” rating in a research note on Friday, August 19th. Credit Agricole SA raised shares of Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and boosted their target price for the company from $30.00 to $33.00 in a research note on Friday, September 23rd. Finally, Barclays PLC upped their price objective on shares of Synovus Financial Corp. from $29.00 to $31.00 and gave the company an “underweight” rating in a research note on Wednesday, July 20th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $31.44.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at 32.02 on Friday. Synovus Financial Corp. has a one year low of $25.48 and a one year high of $33.80. The company has a 50 day moving average of $32.63 and a 200-day moving average of $30.97. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 18.95 and a beta of 1.72.
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 19th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. Synovus Financial Corp. had a net margin of 18.39% and a return on equity of 8.42%. The firm earned $289.30 million during the quarter, compared to analyst estimates of $288.06 million. During the same quarter in the prior year, the firm posted $0.40 earnings per share.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 1.50%. Synovus Financial Corp.’s dividend payout ratio is currently 28.24%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Aperio Group LLC raised its position in Synovus Financial Corp. by 21.6% in the first quarter. Aperio Group LLC now owns 36,534 shares of the company’s stock worth $1,056,000 after buying an additional 6,490 shares during the period. Virginia Retirement System acquired a new stake in shares of Synovus Financial Corp. during the first quarter valued at about $475,000. Teachers Advisors Inc. increased its stake in shares of Synovus Financial Corp. by 0.6% in the first quarter. Teachers Advisors Inc. now owns 912,768 shares of the company’s stock valued at $26,388,000 after buying an additional 5,102 shares in the last quarter. M&T Bank Corp increased its stake in shares of Synovus Financial Corp. by 4.9% in the first quarter. M&T Bank Corp now owns 10,268 shares of the company’s stock valued at $297,000 after buying an additional 483 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Synovus Financial Corp. by 6.1% in the first quarter. Canada Pension Plan Investment Board now owns 17,500 shares of the company’s stock valued at $506,000 after buying an additional 1,000 shares in the last quarter. 76.83% of the stock is owned by institutional investors and hedge funds.
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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