FY2018 EPS Estimates for Synovus Financial Corp. (SNV) Lifted by Jefferies Group
Synovus Financial Corp. (NYSE:SNV) – Stock analysts at Jefferies Group increased their FY2018 earnings per share estimates for shares of Synovus Financial Corp. in a report released on Monday. Jefferies Group analyst C. Haire now anticipates that the brokerage will earn $2.20 per share for the year, up from their previous forecast of $2.19.
Several other analysts have also weighed in on SNV. Credit Agricole SA lowered Synovus Financial Corp. from an “outperform” rating to an “underperform” rating in a report on Wednesday, October 19th. Hovde Group upped their price objective on Synovus Financial Corp. from $34.00 to $35.50 and gave the company an “outperform” rating in a report on Friday, August 19th. Barclays PLC upped their price objective on Synovus Financial Corp. from $29.00 to $31.00 and gave the company an “underweight” rating in a report on Wednesday, July 20th. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a report on Tuesday, September 20th. Finally, Wells Fargo & Co. lowered Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a report on Tuesday, August 23rd. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $32.29.
Synovus Financial Corp. (NYSE:SNV) traded up 1.32% during mid-day trading on Wednesday, reaching $38.51. The company’s stock had a trading volume of 339,252 shares. The firm has a 50-day moving average of $33.53 and a 200 day moving average of $31.66. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 21.65 and a beta of 1.31. Synovus Financial Corp. has a 1-year low of $25.48 and a 1-year high of $39.00.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, October 18th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Synovus Financial Corp. had a return on equity of 8.68% and a net margin of 18.68%. During the same quarter in the previous year, the firm posted $0.42 earnings per share.
In related news, VP Mark G. Holladay sold 6,035 shares of the stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $33.28, for a total value of $200,844.80. Following the completion of the sale, the vice president now directly owns 53,967 shares of the company’s stock, valued at approximately $1,796,021.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Curtis J. Perry sold 8,000 shares of the stock in a transaction dated Tuesday, November 8th. The stock was sold at an average price of $33.66, for a total value of $269,280.00. Following the completion of the sale, the executive vice president now directly owns 57,125 shares of the company’s stock, valued at $1,922,827.50. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of SNV. Balentine LLC purchased a new position in shares of Synovus Financial Corp. during the third quarter valued at $100,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Synovus Financial Corp. by 12.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,134 shares of the company’s stock valued at $134,000 after buying an additional 453 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Synovus Financial Corp. during the second quarter valued at $151,000. Parametrica Management Ltd purchased a new position in shares of Synovus Financial Corp. during the second quarter valued at $200,000. Finally, First Allied Advisory Services Inc. purchased a new position in shares of Synovus Financial Corp. during the second quarter valued at $208,000. 78.58% 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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