Jefferies Group Analysts Increase Earnings Estimates for Synovus Financial Corp. (SNV)
Synovus Financial Corp. (NYSE:SNV) – Research analysts at Jefferies Group lifted their Q2 2018 EPS estimates for shares of Synovus Financial in a report released on Wednesday. Jefferies Group analyst C. Haire now expects that the bank will post earnings of $0.85 per share for the quarter, up from their prior forecast of $0.84. Jefferies Group has a “Hold” rating and a $50.00 price objective on the stock. Jefferies Group also issued estimates for Synovus Financial’s Q3 2018 earnings at $0.92 EPS, Q4 2018 earnings at $0.90 EPS, FY2018 earnings at $3.45 EPS and FY2019 earnings at $3.75 EPS.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.05. The firm had revenue of $339.07 million for the quarter, compared to analysts’ expectations of $338.60 million. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 EPS.
Synovus Financial (NYSE:SNV) opened at $51.15 on Friday. The stock has a market capitalization of $6,088.73, a PE ratio of 23.57, a P/E/G ratio of 1.87 and a beta of 1.13. Synovus Financial has a 52-week low of $37.95 and a 52-week high of $52.08. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.97 and a quick ratio of 0.99.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Eagle Asset Management Inc. boosted its stake in shares of Synovus Financial by 25.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock worth $156,270,000 after acquiring an additional 671,971 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Synovus Financial by 0.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,651,364 shares of the bank’s stock worth $76,061,000 after acquiring an additional 11,162 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Synovus Financial by 3.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,228,056 shares of the bank’s stock worth $55,963,000 after acquiring an additional 35,637 shares in the last quarter. EJF Capital LLC boosted its stake in shares of Synovus Financial by 50.0% during the 3rd quarter. EJF Capital LLC now owns 900,002 shares of the bank’s stock worth $41,454,000 after acquiring an additional 300,000 shares in the last quarter. Finally, Prudential Financial Inc. boosted its stake in shares of Synovus Financial by 0.8% during the 3rd quarter. Prudential Financial Inc. now owns 867,017 shares of the bank’s stock worth $39,935,000 after acquiring an additional 6,830 shares in the last quarter. Institutional investors own 77.48% of the company’s stock.
In other Synovus Financial news, Director Philip W. Tomlinson sold 1,052 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $48.82, for a total transaction of $51,358.64. Following the transaction, the director now owns 27,139 shares in the company, valued at approximately $1,324,925.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.50% of the company’s stock.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 21st were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Wednesday, December 20th. Synovus Financial’s payout ratio is 27.65%.
Synovus Financial announced that its Board of Directors has approved a stock buyback program on Tuesday, January 23rd that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the bank to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Synovus Financial Company Profile
Synovus Financial Corp. is a financial services company 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 locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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